- Limited trade activities at higher prices
- Billet prices surge in north India on scrap shortage
India’s induction furnace (IF) steel market experienced limited buying activity today. Offers varied by INR 50-500/tonne (t) d-o-d.
Sponge iron prices declined by INR 50-200/t d-o-d, with the steepest fall of INR 200/t observed in Hyderabad.
Billet offers fluctuated by INR 50-500/t d-o-d across regions, with the highest rise of INR 200/t seen in Mandi. Prices fell the steepest in Hyderabad, by INR 500/t.
Rebar (Fe 500) prices decreased by INR 100-200/t d-o-d across regions except Jalna where prices slightly rose by INR 100/t.
Today, trade remained limited at higher prices, particularly in the finished steel segment. Buyers resorted to only need-based purchases for finished and semi-finished steel. A notable uptick was seen in billet prices in north India’s Mandi Gobindgarh market due to scrap shortage. However, in other parts of the country too prices are expected to stay 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 12,350/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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