- Improved demand supports market activity
- Firm pricing outlook due to steady bookings
India’s induction furnace (IF) steel prices rose on 1 January and moderate buying was observed in most regions.
Sponge iron offers increased by INR 350-700/t d-o-d, with a major rise of INR 700/t seen in Raipur market, where prices settled at INR 24,550/t.
Billet prices rose by INR 550-1,300/t d-o-d across locations, with the sharpest increase of INR 1,300/t to INR 40,450/t seen in Raipur.
Rebar (Fe 500) prices increased by INR 100-1,400/t d-o-d. Prices increased the highest in Raigarh by INR 1,400/t to INR 43,700/t.
Today, sales activity in the market remained moderate on improved demand. Prices also witnessed an increase, driven primarily by healthy booking orders received by manufacturers during the week. Given the current demand–supply dynamics, the market is expected to remain supported in the coming week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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