- Rebar prices edge down in most key markets
- Prices in Durgapur trend higher on healthy sponge iron demand
India’s induction furnace (IF) steel market witnessed dull sentiments today, and offers floated by the mills fluctuated in the range INR 50-400/tonne (t) d-o-d.
Sponge iron offers increased by INR 150-400/t d-o-d, with the steepest rise of INR 400/t seen in Durgapur. Only in Raigarh market where price marginally down by INR 50/t.
Billet tags fluctuated in the range INR 50-200/t d-o-d across locations.
Rebar (Fe 500) tags edged down by INR 100/t d-o-d in most locations except in Durgapur where prices hiked by INR 300/t d-o-d.
Today, limited trade was seen in spot markets. Buyers engaged in need-based deals, while lack of momentum in the finished segment pressurised sellers to adjust trade discounts.
As per market participants, prices are likely to remain volatile in the near term. Notably, prices increased in Durgapur owing to healthy demand for sponge iron and robust finished steel sales since yesterday.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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