- Last week’s bullish momentum absent today
- Prices decline amid need based buying
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 150-400/t d-o-d, with a steep fall of INR 400/t in the Durgapur market.
Billet tags plunged by INR 100-500/t d-o-d, with the sharpest decrease in Hyderabad.
Rebar (Fe 500) tags moved down by INR 200-500/t d-o-d. Prices dropped the highest in Raigarh, by INR 500/t. However, prices inched up in Mumbai by INR 100/t.
After a strong increase in trading momentum last week, today’s session showed signs of weakness, suggesting that the recent bullish drive might be waning and could not be sustained. Limited buying inquiries were observed in the spot market today, as buyers remained on the sidelines and refrained from aggressive procurement. Meanwhile, sellers offered discounts to liquidate their existing stocks, depending on their previous booking orders and payment terms. As per the current scenario, prices are likely to remain range-bound.
The conversion spread from sponge iron (PDRI) to billets for 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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