- Mills reduce offers amid sluggish buying inquiries
- Guru Nanak Jayanti limits trade activity in Punjab
India’s induction furnace (IF) steel market witnessed dull sentiment today, and mills reduced offers by INR 50-500/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 in Hyderabad.
Billet tags decreased by INR 100-500/t d-o-d, with the sharpest fall of INR 500/t in Hyderabad.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. Prices dropped the highest in Raigarh, Raipur and Durgapur by INR 200/t. However, in Mumbai market prices inched up by INR 100/t.
Today, a lack of buying inquiries was observed across regions, especially in Punjab, due to the occasion of Guru Nanak Jayanti. Market activity remained subdued, leading to limited trade.
Prices remained under pressure in both finished steel and semi-finished steel segments. Manufacturers faced mild sales pressure, which prompted them either to reduce offers or increase trade discounts to sustain market participation.
Given the current sentiment and slow demand conditions, steel prices are likely to be volatile 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 12,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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