India’s induction furnace (IF) steel market witnessed active sentiment today, and offers by the mills varied in the range of INR 100-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 100-450/t d-o-d across regions. However, in Hyderabad and Chennai market the prices dropped by INR 100/t.
Billet prices rose by INR 100-500/t d-o-d across regions, with the Durgapur market recording the steepest increase of INR 500/t.
Rebar (Fe 500) prices increased by INR 100-400/t d-o-d across regions, with the Raigarh market witnessing the sharpest rise of INR 400/t.
Today, a marginal increase in steel prices was observed amid improved inquiries. Manufacturers attempted to push prices upward, anticipating that they may have bottomed out. However, buyers continued with need-based procurement.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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