- Sponge iron offers rise in the range of INR 300-600/t d-o-d
- Billet prices edge up by INR 100-500/t d-o-d
India’s induction furnace (IF) steel market recorded limited buying activity on 10 February.
Sponge iron offers rose in the range of INR 300-600/t d-o-d, with the sharpest increase of INR 600/t heard in Raigarh, where prices settled at INR 27,500/t. However, prices slight dropped in Durgapur region by INR 100/t.
Billet prices increased by INR 100-500/t d-o-d across locations, with the steepest surge of INR 500/t occurring in Chennai, where prices were at INR 45,000/t at close of trading.
Rebar (Fe 500) prices edged up by INR 100-500/t d-o-d. Prices increased by INR 500/t in Chennai and Raipur to INR 49,500/t and INR 45,700/t respectively.
Limited trading volumes were recorded today in the finished steel and semis segments. Buying activity remained largely need-based at increased price levels, as most buyers already procured material over the past one-two days. Prices are expected to remain rangebound, as per market participants.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,300/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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