- Buyers limit bulk purchases in finished steel segment
- Prices may remain rangebound next week
India’s induction furnace (IF) steel prices surge d-o-d on 23 January, though sellers received moderate buying enquiries.
Sponge iron offers increased by INR 150-350/t d-o-d, with the steepest rise of INR 350/t recorded in Raipur, where prices settled at INR 25,100/t.
Billet prices raised by INR 100-600/t d-o-d across locations, with the steepest surge of INR 600/t in Ramgarh, where prices settled at INR 41,100/t.
Rebar (Fe 500) prices increased by INR 100-500/t d-o-d. Prices rose the sharpest in Mandi, by INR 500/t to INR 49,300/t.
Today, slight rise in offers along with the moderate buying activity was witnessed. Buyers limited bulk purchases at current price levels specifically in finished steel segment. Sellers adjusted trade discounts based on previous booking orders, inventory levels and payment terms. Prices are likely to remain rangebound in the next week as per current scenario.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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