- Limited buyer activity in spot market
- Strong seller bookings support firm price levels
India’s induction furnace (IF) steel market remained mixed on 2 Dec, amid cautious buying, and as sellers held strong booking orders.
Price Movements
Sponge iron offers fluctuates by INR 100/t d-o-d across the locations.
Billet offers varied by INR 50-400/t d-o-d across regions. Ahmedabad and Mandi markets recorded the sharpest drops, falling by INR 100/t, while prices in Jalna and Mumbai markets rose by INR 400/t.
Rebar (Fe 500) offers rose by between INR 100-300/t d-o-d. Prices moved up the highest in Ahmedabad, Raipur and Mumbai, by about INR 300/t.
Market Update
Buying activity was limited in the IF steel market on Tuesday, and most buyers engaged only in need-based procurement, having already secured sufficient material during yesterday’s trading session. On the other hand, sellers continued to hold strong booking orders, enabling them to maintain prices at higher levels.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,800/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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