- Sponge iron tags drop d-o-d, rebar prices increase
- Buyers stay away, following robust bookings earlier
India’s induction furnace (IF) steel market witnessed limited trading today, with mills varying offers by INR 50-500/tonne (t) d-o-d.
Sponge iron offers decreased by INR 50-150/t d-o-d, except in Durgapur and Bellary, where prices rose by INR 50/t and 100/t, respectively.
Billet tags fluctuated by INR 50-500/t d-o-d, with steepest fall of INR 50/t seen in Ramgarh and Durgapur. Prices increased in Hyderabad by INR 500/t.
Rebar (Fe 500) prices increased by INR 200-300/t d-o-d, except in Durgapur and Chennai, where there was a drop of INR 100/t and 500/t, respectively.
Today, limited trade activities were seen, although this varied location wise. Buyers adopted a need-based approach, having already procured healthy volumes in the last couple of days. As per the current scenario, prices are likely to move in a narrow range.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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