- Muted buying activity across markets
- Prices expected to remain soft this week
India’s induction furnace (IF) steel market saw subdued buying enquiries across regions on 20 January.
Sponge iron offers dropped by INR 200-550/t d-o-d, with the steepest decrease of INR 550/t recorded in Ramgarh, where prices settled at INR 24,750/t.
Billet prices decreased by INR 300-900/t d-o-d across locations, with the steepest fall of INR 900/t in Ahmedabad and Mumbai regions, where prices settled at INR 44,500/t and INR 44,100/t respectively.
Rebar (Fe 500) prices fell by INR 150-700/t d-o-d. Prices fell the sharpest in Rourkela and Raigarh, by INR 700/t to INR 44,000/t in both the markets.
Today, lower buying activity was witnessed. Buyers limited purchases at current price levels and adopted a wait-and-watch approach in anticipation of further correction. Sellers either lowered their offers or adjusted trade discounts based on previous booking orders, inventory levels and payment terms. Prices are likely to remain soft this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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