- Sellers face muted inquiries, inventory pressures
- Mills reduce offers, provide healthy trade discounts
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 100-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-350/t d-o-d, with the steepest fall of INR 350/t in the Ramgarh market.
Billet tags decreased by INR 100-500/t d-o-d, with the highest drop of INR 300/t in the Hyderabad market.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Chennai, by INR 300/t.
Today too, demand was weak across regions. Subdued buying inquiries continued in the market, which compelled manufacturers to reduce their offers or provide healthy discounts. There was major sales pressure in the market due to higher inventories, which impacted trade activities in the raw material, as well as finished segments. As per the current scenario, prices are expected to remain 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 11,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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