India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-300/t d-o-d, with the steepest fall of INR 300/t seen in the Raipur market.
Billet tags decreased by INR 50-250/t d-o-d, with the highest drop of INR 250/t in the Durgapur market.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. Prices dropped the highest in Jalna and Raigarh by INR 200/t.
Today too, like yesterday, limited buying was seen across markets. Most trades were concluded at lower price levels, reflecting cautious buying sentiment amid huge sales pressure. Sentiments stay bearish and subdued with no immediate signs of recovery 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 12,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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