- Buyers focus on need-based purchases
- Subdued trading seen for 3rd straight day
India’s induction furnace (IF) steel prices showed sluggish trends d-o-d across regions on 10 April.
Sponge iron prices dropped in the range of INR 150-500/t d-o-d, with the sharpest decrease of INR 500/t seen in Hyderabad and Bellary, where prices settled at INR 29,400/t and INR 28,800/t respectively.
Billet prices declined by INR 200-1,000/t d-o-d across locations, with the highest decrease of INR 1,000/t recorded in Mumbai, Jalna and Raigarh markets where prices reached INR 46,500/t, INR 46,000/t and INR 42,000/t respectively.
Rebar (Fe 500) prices decreased by INR 200-800/t d-o-d. Prices dropped by INR 200/t in Ahmedabad to INR 53,400/t.
Market sentiments weakened after the US-Iran ceasefire announcement. Today was the third consecutive day of weak enquiries in the market. Buyers adopted a wait-and-watch approach. So manufacturers either lowered their offers or increased trade discounts to stimulate sales. Market participants anticipate further price correction due to the 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 16,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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