- Trading improves, inventory pressure slightly eases
- Prices may remain supported in near term
India’s induction furnace (IF) steel market experienced moderate buying activity today. Offers varied by INR 50-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 100-500/t d-o-d across regions, except in Durgapur and Ramgarh markets, where prices inched down by INR 150/t and INR 50/t respectively.
Billet tags rose by INR 150-400/t d-o-d across regions, with the highest rise of INR 400/t seen in Ahmedabad. However, prices in Raigarh, Raipur and Mumbai fell by INR 50/t, INR 100/t and INR 100/t respectively.
Rebar (Fe 500) prices increased by INR 100-300/t d-o-d, with the sharpest hike of INR 300/t recorded in Rourkela.
Trading activity improved in the spot market today. Over the past few days, manufacturers have received healthy orders in both the semi-finished and finished steel segments. Given the current scenario, sellers have experienced slight relief from earlier inventory pressures, though this varies by location. Overall, prices are likely to remain supported 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)
Leave a Reply