- Need-based buying as recorded on Tuesday
- Reduced inventory keeps prices firm
India’s induction furnace (IF) steel prices rose on 30 December, as sellers raised prices, having received strong bookings in the last three days.
Sponge iron offers varied by INR 50-200/t d-o-d, with the steepest rise of INR 200/t to INR 25,200/t and INR 25,900/t in Bellary and Hyderabad regions, while major price drop seen in Ramgarh market by INR 150/t.
Billet prices fluctuated by INR 100-800/t d-o-d across locations, with the sharpest increase of INR 800/t to INR 43,500/t in Ahmedabad, whereas drop in Raigarh by INR 200/t INR 38,600/t.
Rebar (Fe 500) prices varied by INR 100-700/t d-o-d. Prices increased the highest in Mumbai, by INR 700/t to INR 47,400/t.
Lower trading volumes were recorded today across both the finished steel and semi-finished segments. Buying activity remained largely need-based amid elevated price levels, as most buyers had already procured material over the past 2-3 days. Meanwhile, manufacturers secured future booking orders, and reduced inventory pressure is expected to keep prices supported this week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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