- Weak finished demand pressures upstream segments
- Sellers reduce offers amid heavy rains, festive period
India’s induction furnace (IF) steel market witnessed dull sentiments today, with mills reducing offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-250/t d-o-d, with a decrease of INR 250/t seen in Raigarh.
Billet tags decreased by INR 50-400/t d-o-d across locations, with Raigarh witnessing the highest drop of INR 400/t.
Rebar (Fe 500) tags moved down by INR 200-300/t d-o-d across regions, with a major drop of INR 300/t seen in the Mumbai and Ahmedabad market.
Today, sluggish buying activity was observed in the spot market, driven by weak demand in finished segments. Sellers reduced offers amid cautious buying, influenced by heavy rains across regions and upcoming festivals. Given the current conditions, prices are expected to remain under pressure 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 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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