- Bearish market sentiment persists amid weak demand
- Suppliers offer discounts to ease inventory pressure
India’s induction furnace (IF) steel market witnessed limited trading today, and mills’ offers varied by INR 50-500/tonne (t) d-o-d.
Sponge iron offers decreased by INR 50-200/t d-o-d, with the sharpest fall of INR 200/t in Ramgarh market.
Billet tags declined by INR 100-200/t d-o-d, with the highest fall of INR 200/t seen in the Mumbai and Ahmedabad markets. However, prices increased by INR 500/t in Hyderabad.
Rebar (Fe 500) tags moved down by INR 100-300/t, with the steepest fall of INR 300/t in Jalna. Prices increased in Hyderabad, by INR 200/t.
Today, limited buying inquiries were witnessed in the spot market. Manufacturers, particularly in the finished goods segment, faced sales pressure, which contributed to bearish market sentiment. To stimulate sales and manage inventory, sellers offered trade discounts to expedite material movement. Given the current market dynamics, price volatility is expected to persist in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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