- Prices show mixed trends amid limited trading activity
- Soft finished segment pressures billet, sponge iron prices
India’s induction furnace (IF) steel market witnessed mixed trends today, and mills fluctuated offers by INR 50-200/tonne (t) d-o-d.
Sponge iron offers varied by INR 50-200/t d-o-d. Hyderabad and Chennai witnessed a fall of INR 100/t, whereas prices edged up by INR 200/t d-o-d in Durgapur region.
Billet tags increased by INR 50-200/t d-o-d, with the sharpest hike of INR 200/t in Ahmedabad and Raigarh markets. Conversely, in Jalna, prices were down by INR 200/t.
Rebar (Fe 500) tags moved down by INR 100/t d-o-d across regions.
Today, limited trade activities were seen, which varied location wise. However, markets witnessed a slight improvement in the latter half of the day in some regions. Overall, trade momentum was sluggish, especially in the finished steel segment, which consistently pressured sellers to adjust trade discounts. As per market participants, prices are likely to remain volatile 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 12,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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