- Improved demand supports price hikes
- Prices to remain firm on steady bookings
India’s induction furnace (IF) steel prices rose on 29 December, as sellers raised prices, having received strong bookings in the last 1-2 days.
Sponge iron offers increased by INR 550-1,300/t d-o-d, with the steepest rise of INR 1,300/t in Chennai to INR 27,000/t.
Billet prices rose by INR 650-1,700/t d-o-d across locations, with the sharpest increase of INR 1,700/t in Chennai to INR 41,500/t.
Rebar (Fe 500) prices moved up by INR 900-2,300/t d-o-d. Prices increased the highest in Raigarh, by INR 2,300/t to INR 42,500/t. Additionally, rebar prices in Jalna were up by an exceptional INR 3,800/t at INR 49,500/t due to significant demand over the last two days.
A sharp price hike was observed across locations and segments today, supported by healthy sales activity and strong demand over the past two days. Manufacturers have received robust orders for the near term, and the smooth dispatch of material to fulfil previous bookings has reduced inventory pressure, enabling further price increases. Going forward, the prevailing prices are expected to remain supported this week, with a steady order flow likely.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,300/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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