- Weak demand, cautious sentiment pressure prices
- Prices witness fluctuations of INR 50-400/t d-o-d
India’s induction furnace (IF) steel market witnessed mixed trends today, with mills varying offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers fell by INR 50-150/t d-o-d with the major drop in Durgapur market by INR 150/t except in Raipur region, where prices inched up by INR 100/t.
Billet tags varied by INR 50-400/t d-o-d, with the steepest fall of INR 350/t witnessed in the Mandi market. Prices increased by INR 400/t in Mumbai.
Rebar (Fe 500) offers fluctuated by INR 100-200/t d-o-d, with the highest drop of INR 200/t in Mandi, whereas there was a rise of INR 100/t in the Raigarh and Raipur markets.
Today, buying interest was weak in the spot market. Most buyers adopted a wait-and-watch stance, limiting bulk procurement. Manufacturers opted to either trim their offers or adjust trade discounts based on prior bookings and payment terms. In the near term, prices are expected to move within a narrow band.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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