- Second-half sales activities pickup across key regions
- Stable to firm price expectations in the near term
India’s induction furnace (IF) steel prices remained mixed d-o-d on 3 February.
Sponge iron offers varied in the range of INR 100-450/t d-o-d, with the sharpest drop of INR 100/t in Bellary to INR 25,900/t and major increase in Raipur by INR 450/t to INR 25,950/t.
Billet prices fluctuated by INR 100-500/t d-o-d across locations, with the steepest increase of INR 500/t in Chennai, where prices settled at INR 44,000/t. However, in Mumbai, prices fell by INR 300/t to INR 43,000/t.
Rebar (Fe 500) prices rose by INR 200-600/t d-o-d. Prices increased the sharpest in Raigarh, by INR 600/t to INR 44,100/t.
Trading activity improved during the second half of today’s session. Moderate buying was observed, supported by good demand for sponge iron, billets and Rebar particularly in few regions of the Central and Eastern belts. Manufacturers attempted either to stabilize offers or to slight rise in the semi-finished steel and finished steel segment. Given the current market scenario, prices are likely to remain supportive for these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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