- Market uncertainty prompts cautious sentiment
- Ample supply to weigh on demand in near term
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-1,000/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-450/t d-o-d, with the steepest fall of INR 450/t in Durgapur.
Billet tags decreased by INR 50-400/t d-o-d across locations, and the sharpest fall of INR 400/t was observed in Jalna.
Rebar (Fe 500) tags moved down by INR 100-1,000/t d-o-d. Prices dropped highest by INR 1,000/t in Hyderabad region.
Today, sluggish buying activities were witnessed in the spot market. Buyers adopted a cautious approach amid market uncertainty, and sellers adjusted trade discounts depending on prior bookings and payment terms. Moreover, sufficient inventories in the trade market will likely keep demand restrained in the short term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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