- Cautious purchasing amid higher prices
- Trading activity remains subdued across markets
Trading in India’s induction furnace (IF) steel market remained muted on 8 December amid subdued sales of finished steel products and as buyers resisted higher prices.
Sponge iron offers dropped by INR 150-400/t d-o-d with a steepest fall in the Raipur market by INR 400/t to INR 23,400/t.
Billet tags decreased by INR 100-500/t d-o-d. The sharpest drop was in Raigarh market by INR 500/t to INR 36,200/t.
Rebar (Fe 500) tags drops by INR 100-300/t d-o-d. Prices dropped the highest in Hyderabad and Rourkela markets by INR 300/t to INR 41,500/t and INR 39,100/t respectively.
Trading activity across commodities remained subdued on Monday, amid limited buying interest as most buyers had already secured adequate material over the past two weeks. Buyers have adopted a cautious buying approach, driven by the elevated commodity price levels observed over the last week. Meanwhile, sellers are adjusting trade discounts in both the finished steel and semi-finished segments, aligning them with historical booking patterns and recent order flows.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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