- Improved demand supports price hikes
- Prices to remain firm on steady bookings
India’s induction furnace (IF) steel prices rose on 22 December, as sellers raised prices, having received bookings steadily throughout the past week.
Sponge iron offers increased by INR 50-550/t d-o-d, with the steepest rise of INR 550/t in the Raipur market to INR 23,400/t.
Billet prices rose by INR 300-1,000/t d-o-d across locations, with the sharpest increase of INR 1,000/t in Hyderabad to INR 39,500/t.
Rebar (Fe 500) prices moved up by INR 200-800/t d-o-d. Prices increased the highest in Raigarh, by INR 800/t to INR 40,400/t.
Today, trade activity remained healthy, supported by improved demand. Prices also increased, driven by active buying. Given the current demand-supply dynamics, prices are expected to remain supported this week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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