India’s induction furnace (IF) steel market witnessed moderate sentiments today, and mills raised offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers increased by INR 50-150/t d-o-d, with a steepest rise in the Raigarh by INR 150/t.
Billet tags rose by INR 50-200/t d-o-d across locations except in Raipur where prices inched down by INR 100/t.
Rebar (Fe 500) tags moved up by INR 100-300/t d-o-d, with the sharpest rise in Mandi of INR 300/t.
Today lower enquiries in the spot market were heard. Prices edged up in yesterday’s trading session but could not gain momentum due to subdued domestic demand. Also, liquidity constraints in the market have further impacted buying sentiments, resulting in subdued trade activity. As per current scenario, prices are likely to remain volatile 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 12,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply