- Strong buying activity supports higher spot prices
- Rising finished steel prices boost market confidence
India’s induction furnace (IF) steel prices rose on 2 January, with moderately strong buying observed in most regions.
Sponge iron offers increased by INR 200-750/t d-o-d, with the steepest rise of INR 750/t seen in Ramgarh, where prices settled at INR 24,550/t.
Billet prices rose by INR 600-1,300/t d-o-d across locations, with the sharpest increase of INR 1,300/t to INR 40,300/t in Rourkela.
Rebar (Fe 500) prices increased by INR 500-1,600/t d-o-d. Prices increased the highest in Ahmedabad, by INR 1,600/t to INR 50,000/t.
The price rally in the spot market continued today, with sellers raising offers amid sustained active buying over the past few days and a steady inflow of forward bookings. Market sentiment remained firm, supported by a notable surge in enquiries across both semi-finished and finished steel segments. The continued strengthening of finished steel prices further boosted buyer confidence, leading to improved forward bookings across a range of prices. Overall, broader market sentiment remained positive under prevailing conditions.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 16,300/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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