- Buyers focused on need-based purchases
- Sluggish trading activities noticed d-o-d across regions
India’s induction furnace (IF) steel prices shown mixed trends d-o-d across regions on 9 April.
Sponge iron prices raised in the range of INR 50-200/t d-o-d, with the sharpest increased of INR 200/t seen in Durgapur and Bellary locations, where prices settled at INR 28,200/t and INR 29,300/t respectively.
Billet prices varied by INR 100-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Ahmedabad location, where prices reached INR 48,000/t. However, prices rose majorly in Raigarh location by INR 400/t to INR 43,000/t.
Rebar (Fe 500) prices decreased by INR 100-200/t d-o-d. Prices dropped by INR 200/t in Raigarh to INR47,300/t.
Today, trading activity remain sluggish across regions despite slight prices rose in certain locations. Overall market momentum continued to subdued, particularly in finished and semi-finished steel as buyers focused on need-based purchases at prevailing prices after ceasefire announcement on yesterday.
Such scenario prompting manufacturers them to either lower their offers or increase trade discounts to stimulate sales and trading activities.
As per current scenario, market participants anticipated further market pace might be slow these week due to lack of fresh booking orders.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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