- Mills face inventory pressure of 12-15 days
- Trade discounts lifted to liquidate material
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-250/t d-o-d, with the steepest fall of INR 250/t in Ramgarh and Raigarh.
Billet tags decreased by INR 50-400/t d-o-d across locations, with the major fall of INR 400/t in Ahmedabad.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Raigarh, by INR 300/t.
Today, inquiries remained subdued, indicating weak demand in the spot market. Mills faced inventory pressure of around 12-15 days, specifically in the finished steel segment, although this varied across regions. Additionally, manufacturers increased trade discounts to liquidate material and tackle the demand slowdown. As per the market scenario, prices are expected to remain under pressure in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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