- Buyers make need-based purchases at higher prices
- Prices likely to remain rangebound this week
India’s induction furnace (IF) steel market remained limited trading activities d-o-d across markets on 23 March.
Sponge iron offers decreased in the range of INR 100-500/t d-o-d. Major drops of INR 500/t were seen in Jharsuguda where prices settled at INR 24,700/t.
Billet prices varied by INR 100-500/t d-o-d across locations, with the steepest increase of INR 500/t occurring in Chennai, where prices settled at INR 46,000/t.
Rebar (Fe 500) prices fell by INR 100-300/t d-o-d. The sharpest drop of INR 300/t was seen in Raigarh where prices reached INR 45,000/t. However, prices uptick was observed in Chennai location by INR 800/t to INR 51,000/t.
Today, limited trading activities were observed in the spot market. Lower enquiries were heard due to lack of fresh bookings in the finished segment over the past 2-3 days. Thus, a majority of market participants opted to wait-and-watch before procuring material aggressively. The market is likely to remain rangebound this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,350/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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