- Sponge iron, billet tags rise; rebar fluctuates
- Limited raw material supply supports prices
India’s induction furnace (IF) steel market saw mixed trends today. Offers floated by mills varied in the range of INR 50-400/tonne (t) d-o-d.
Sponge iron offers rose by INR 50-150/t d-o-d across regions, with the sharpest increase of INR 150/t seen in Durgapur.
Billet tags edged up by INR 100-250/t d-o-d across locations, with the steepest rise of INR 250/t in Dugapur and Mandi markets.
Rebar (Fe 500) prices fluctuated by INR 100-400/t d-o-d across the regions.
Today, there was a slight improvement in buying activities, though this varied according to regions. Prices remained supported, owing to raw material tightness in the spot market. As per participants, prices are likely to remain range-bound in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 12,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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