- Festive holidays lead to market slowdown
- Trade may pick up next week, post-holidays
India’s induction furnace (IF) steel market witnessed mixed trends today, with mills varying prices by INR 50-150/t d-o-d.
Sponge iron prices fell by INR 50-150/t d-o-d across locations with the highest fall of INR 150/t in the Raipur market.
Billet tags showed mixed trends of INR 50-150/t d-o-d across locations.
Rebar (Fe 500) prices were largely stable, edging up by INR 100/t d-o-d in Raigarh.
Today, trade activity remained limited in major Indian markets due to the national holiday tomorrow and Janmashtami on Saturday. Participants expect a pick-up in activity next week, following the festive holidays.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in Raipur was INR 13,350/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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