- Healthy trading activities seen
- Active steel bookings bolster sentiment
India’s induction furnace (IF) steel market saw active trading today. Offers surged by INR 100-450/tonne (t) d-o-d.
Sponge iron prices increased by INR 150-400/t d-o-d, with the steepest hike of INR 400/t observed in Raigarh.
Billet offers rose by INR 100-450/t d-o-d across regions, with the highest rise of INR 450/t seen in Durgapur.
Rebar (Fe 500) prices increased by INR 100-400/t d-o-d, with the sharpest hike of INR 400/t recorded in Ahmedabad.
Today healthy trading activities were witnessed in the market. Tight raw material supplies and shortage of scrap have pushed manufacturers to increase their offers. Additionally, active bookings over the past few days in both finished and semi-finished steel has provided further price support. Given the current scenario, prices are likely to remain firm 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 12,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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