- Moderate trading activity seen amid price resistance
- Prices expected to remain range-bound in near term
India’s induction furnace (IF) steel market witnessed moderate trading today, and mills’ offers varied by INR 50-500/tonne (t) d-o-d.
Sponge iron offers fluctuated by INR 100-200/t d-o-d, with the steepest hike of INR 200/t in Raigarh. However, prices decreased by INR 150/t in Ramgarh.
Billet tags varied by INR 50-500/t d-o-d, with the highest fall of INR 500/t in Hyderabad. However, prices increased by INR 100/t in Raipur, Mandi and Raigarh.
Rebar (Fe 500) tags moved down by INR 100-200/t, with the steepest fall of INR 200/t in Mumbai, Hyderabad, Rourkela and Raigarh.
Moderate trading activity today across both semi-finished and finished steel segments. While manufacturers attempted to raise prices, buyers showed resistance, leading to finished sales pressure in certain regions. Consequently, sellers adjusted trade discounts, based on buyers’ previous procurement volumes and new order bookings. Given the current conditions, steel prices are expected to remain range-bound in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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