India’s induction furnace (IF) steel market witnessed subdued trends today, with mills adjusting offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-200/t d-o-d, except in the Raipur market where prices increased by INR 50/t.
Billet tags decreased by INR 50-400/t d-o-d, but a major hike of INR 200/t was seen in the Mumbai market.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d across regions, except in the Mumbai market where prices rose by INR 200/t.
The market stayed subdued as weak demand and hazy price directions kept buyers cautious, leading to low trade volumes. Sellers, though hesitant, trimmed offers to conclude limited deals. With finished steel demand offering little support, sentiment remained weak and prices are expected to stay 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 12,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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