- Moderate trading activity leads to price hikes d-o-d
- Steel prices expected to remain supported this week
India’s induction furnace (IF) steel prices climbed up d-o-d on 29 January amid improved trading activities.
Sponge iron offers increased by INR 100-400/t d-o-d, with the steepest rise of INR 400/t recorded in Raipur and Jharsuguda regions, where prices settled at INR 25,650/t and INR 24,400/t respectively.
Billet prices rose by INR 100-500/t d-o-d across locations, with the steepest increase of INR 500/t in Ahmedabad, Raigarh and Hyderabad, where prices settled at INR 43,800/t, INR 40,700/t and INR 42,500/t respectively.
Rebar (Fe 500) prices increased by INR 200-1,000/t d-o-d. Prices surged the sharpest in Hyderabad, by INR 1,000/t to INR 47,000/t.
Today, there was a slight improvement in buying interest, though overall, trading activity remained moderate. There was good demand for sponge iron and billets, particularly in some regions in central and eastern India. Consequently, manufacturers tried to either keep offers stable or to increase them in the finished steel and semi-finished steel segments. Given the current market scenario, prices are likely to remain supported for the rest of the week.
The conversion spread from sponge iron (PDRI) to billets for the 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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