- Need-based buying pattern as observed in the market d-o-d
- Sellers to keep offers firm amid lack of inventory pressure
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 3 April.
Sponge iron prices varied in the range of INR 50-200/t d-o-d, with the sharpest rise of INR 200/t seen in Chennai and Raipur locations, where prices settled at INR 30,000/t and INR 29,800/t respectively. Meanwhile, prices dropped by INR 100/t in Raigarh to INR 27,100/t.
Billet prices dropped by INR 100-600/t d-o-d across locations. Prices steepest fell by INR 600/t in Mumbai to INR 47,100/t. However, prices slight rose by INR 100/t in Mandi, Raigarh, Chennai and Raipur locations.
Rebar (Fe 500) prices decreased by INR 100-700/t d-o-d. Prices witnessed a major drop by INR 700/t in Raipur to INR 47,800/t.
Lower trading volumes were recorded today as well across both the finished steel and semi-finished segments. Lack of fresh bookings were noticed. Buying activity remained largely need-based at increased prices, as most buyers had already procured material over the past 2-3 days. Although, manufacturers preferred either to adjust trade discounts or to slight lowering the offers depending upon previous booking orders.
Prices are expected to remain firm this week, as sellers have not facing inventory pressure region wise vary. This would encourage suppliers to keep their offers firm.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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