- Market sees need-based buying, muted inquiries
- Approaching festive season weighs on demand
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills’ offers varied by INR 50-300/tonne (t) d-o-d.
Sponge iron offers decreased by INR 50-300/t d-o-d with the sharpest fall in Hyderabad market by INR 300/t. However, prices increased by INR 300/t in Chennai region.
Billet tags fluctuated by INR 50-200/t d-o-d, with the highest fall of INR 200/t in the Rourkela market. However, prices increased by INR 150/t in Durgapur.
Rebar (Fe 500) tags moved down by INR 100/t in a few markets such as Raigarh and Ahmedabad.
Today, persistently weak demand and limited inquiries kept trading subdued. Transactions were concluded at lower prices, reflecting cautious buying behaviour and a lack of confidence. With the festive season approaching, market sentiment remained bearish and inactive, with transactions largely restricted to need-based procurement within a narrow price range. Sellers offered discounts to attract buyers, though the overall response stayed weak in both the semi-finished and finished steel segments.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply