India’s induction furnace (IF) steel market experienced moderate trading today. Offers surged in the range of INR 100-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 200-300/t d-o-d. Prices increased the steepest, by INR 300/t, in Hyderabad and Chennai.
Billet tags rose by INR 100-400/t d-o-d across regions, with the highest rise of INR 400/t seen in Mumbai.
Rebar (Fe 500) prices increased by INR 100-500/t d-o-d, with sharpest hike of INR 500/t recorded in Mumbai.
Moderate trade activity was observed today, varying by location. Buyers adopted a need-based purchasing approach, as many had already secured healthy bookings in both semi-finished steel (Sponge iron and Billet) and finished products during yesterday’s active trading session across different regions. Although, Given the current scenario, prices are expected to remain rangebound in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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