- Buyers make need-based purchases at higher prices
- Prices likely to remain volatile in coming week
India’s induction furnace (IF) steel market remained subdued d-o-d across markets amid weaker sales on 20 March.
Sponge iron offers increased in the range of INR 150-300/t d-o-d. A major hike of INR 300/t was seen in Jharsuguda market where prices reached INR 25,200/t. However, prices were dropped in Chennai market by INR 400/t to INR 28,300/t.
Billet prices rose by INR 50-500/t d-o-d across locations, with the steepest increase of INR 500/t occurring in Hyderabad, where prices settled at INR 43,500/t.
Rebar (Fe 500) prices rose by INR 100-500/t d-o-d. The sharpest rise of INR 500/t was seen in Hyderabad where prices reached INR 49,500/t.
Today, trading activity in the spot market remained subdued. Although prices showed an uptick enquiries were limited and responses at higher price levels were weak, primarily due to a lack of fresh bookings in the finished segment. As a result, most participants preferred to adopt a wait-and-watch approach rather than making aggressive purchases.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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