- Weak demand persists across segments
- Need-based buying reflects buyer caution
India’s induction furnace (IF) steel prices saw mixed trends d-o-d on 30 January amid subdued steel sales.
Sponge iron offers varied in the range of INR 100-400/t d-o-d, with the steepest rise of INR 400/t recorded in Raigarh where prices settled at INR 25,200/t. However, prices dropped INR 350/t in Durgapur to reach INR 26,000/t.
Billet prices fluctuated by INR 50-500/t d-o-d across locations, with the steepest increase of INR 500/t in Chennai, where prices settled at INR 43,500/t. However, prices fell in Durgapur and Ahmedabad regions by INR 200/t and stood at INR 40,800/t and INR 43,600/t respectively.
Rebar (Fe 500) prices seen variation by INR 100-300/t d-o-d. Prices rose the sharpest in Chennai, by INR 300/t to INR 47,800/t.
Today, lower buying enquiries were observed in the spot market. Despite price increases in a few regions, buyers largely restricted purchases to need-based buying, reflecting a cautious market sentiment. Sellers offered discounts to attract buyers; however, the overall response remained weak across both semi-finished and finished steel segments. Given the current scenario, the market is likely to remain slow during the week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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