- Trading activity remains moderately strong today
- Prices likely to stay strong further these week
India’s induction furnace (IF) steel prices strengthened d-o-d on 4 February.
Sponge iron prices rose by INR 300-750/t d-o-d, with the steepest increase of INR 750/t recorded in Raipur to INR 26,700/t.
Billet prices increased by INR 200-600/t d-o-d across locations, with the steepest rise of INR 600/t in Mumbai, where prices settled at INR 43,600/t.
Rebar (Fe 500) prices rose by INR 100-700/t d-o-d. Prices increased the sharpest in Raipur, by INR 700/t to INR 44,700/t.
Similar to yesterday, trading activity was moderately strong across regions today. Dispatches and lifting improved, leading to manufacturers raising their spot offers. Additionally, fresh bookings were observed specifically in finished steel segment. Given the current scenario, prices are likely to remain supported during 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 14,550/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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