India’s induction furnace (IF) steel market experienced slow trading today. Offers floated by mills fluctuated in the range of INR 50-300/tonne (t) d-o-d.
Sponge iron offers declined by INR 50-200/t d-o-d. Prices decreased the steepest, by INR 200/t, in Raipur market.
Billet tags decreased by INR 100-200/t d-o-d across the locations except in Mumbai and Ahmedabad markets where prices edged up by INR 200/t and INR 300/t respectively.
Rebar (Fe 500) prices fluctuated by INR 100-200/t d-o-d across the locations.
Overall, trading activities remained subdued today. Buyers mostly restricted purchases to immediate needs and avoided bulk bookings. Sellers adjusted trade discounts, depending upon payment and delivery terms, to encourage buyer interest. Given the current market conditions, prices are likely 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 12,800/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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