- Buyers make need-based purchases, having stocked up earlier
- Sellers keep offers high, having secured ample bookings
India’s induction furnace (IF) steel prices saw variations d-o-d across markets on 10 March, backed by strong bookings received by manufacturers in recent days.
Sponge iron offers varied by INR 100-400/t d-o-d, with the sharpest rise of INR 400/t in Durgapur, where prices settled at INR 26,250/t. Meanwhile, prices dropped majorly in Raigarh region by INR 400/t to INR 27,000/t.
Billet prices surged by INR 50-500/t d-o-d across locations, with the steepest increase of INR 500/t occurring in Mumbai to INR 45,500/t.
Rebar (Fe 500) prices increased by INR 100-700/t d-o-d. Prices rose by INR 700/t in Mumbai to INR 51,500/t.
Today, limited trading activity was observed in the spot market. Market participation remained slow at current prices, as buyers refrained from making aggressive purchases. Meanwhile, manufacturers maintained higher offers after securing good bookings in recent days.
Buyers largely adopted a need-based purchasing approach, as many had already booked material over the past week amid rising offers.
Under the current scenario, prices are expected to remain firm in the coming days. However, the overall market direction will largely depend on raw material price movements.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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