- Cautious sentiment leads to dull bookings
- Prices likely to be range-bound in near term
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-500/t d-o-d, with the steepest fall of INR 500/t in the Durgapur market. However, prices hiked in Chennai market by INR 300/t.
Billet tags decreased by INR 50-500/t d-o-d, with the sharpest decline of INR 500/t in Hyderabad.
Rebar (Fe 500) tags moved down by INR 150-500/t d-o-d. Prices dropped the highest in Raigarh, by INR 500/t.
Today in the spot market, buying interest was weak. Most buyers shifted into a wait-and-watch stance, limiting bulk procurement. Manufacturers opted to either trim their offers or increase trade discounts based on prior bookings and payment terms. In the near term, prices are expected to move within a narrow band.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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