- Trade remains limited amid need-based buying
- Sellers adjust trade discounts to boost demand
India’s induction furnace (IF) steel market experienced slow trading today. Offers floated by mills fell in the range of INR 10-300/tonne (t) d-o-d.
Sponge iron offers declined by INR 100-250/t d-o-d. Prices decreased the steepest, by INR 250/t, in Bellary.
Billet tags fluctuated in the range of INR 100-200/t d-o-d, with the highest fall of INR 200/t in Ahmedabad and an increase of INR 100/t in Mandi.
Rebar (Fe 500) prices decreased by INR 100-300/t d-o-d across locations, except in Mumbai, where tags inched up by INR 100/t.
Overall trading activity stayed limited today, with buyers focusing on need-based purchases and refraining from bulk bookings. To boost demand, sellers offered selective trade discounts based on payment and delivery terms. Considering the prevailing market conditions, price movements are expected to remain volatile in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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