- Cautious buying limits trading momentum
- Market expected to remain slow further
India’s induction furnace (IF) steel prices fell d-o-d across products due to low demand on 17 February.
Sponge iron offers decreased in the range of INR 50-500/t d-o-d, with the sharpest fall of INR 500/t in Chennai, where prices settled at INR 27,500/t.
Billet prices declined by INR 50-500/t d-o-d across locations, with the steepest drop of INR 500/t occurring in Mandi Gobindgarh and Hindupur to INR 44,450/t and INR 43,500/t, respectively.
Rebar (Fe 500) prices fell by INR 100-500/t d-o-d. Prices decreased by INR 500/t in Chennai and Hyderabad to INR 49,000/t and INR 48,000/t, respectively.
Today, buying enquiries were sluggish across commodities. Buyers of sponge iron and billets were cautious about bulk procurement due to a lack of fresh bookings for finished steel. Consequently, sellers either reduced their offers or increased discounts, depending on prior booking orders and payment terms. Given the current scenario, the market is expected to remain slow at current price levels.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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