- Trade remains weak amid limited inquiries
- Prices may stay range-bound in short term
India’s induction furnace (IF) steel market remained weak today, with limited sales and inquiries amid subdued trading. Transactions were largely restricted to immediate needs, concluded within a narrow price range. Sellers adjusted trade discounts to attract buyers, but both semi-finished and finished steel segments showed a weak response. As per the current scenario, prices are likely to remain range-bound in the near term.
Sponge iron prices softened by INR 100-250/t on a d-o-d basis, with Durgapur, Ramgarh and Raigarh registering the sharpest decline of INR 250/t.
Billet offers fell by INR 150-200/t d-o-d across major markets, with the steepest drop of INR 200/t in Raigarh, Ramgarh, Ahmedabad, Jalna and Raipur.
Rebar (Fe 500) prices eased by INR 100-200/t d-o-d, with Mandi Gobindgarh recording the sharpest fall of INR 200/t.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,400/t.
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