- Spot market activity remains subdued
- Finished steel bookings Slow, keeping price trends uncertain
Trading in India’s induction furnace (IF) steel market remained dull today on 11 December.
Sponge iron offers dropped within the range INR 50-300/t d-o-d, with the Jharsuguda market witnessing a sharp fall of INR 300/t to INR 21,600/t.
Billet offers declined by INR 50-300/t d-o-d. The sharpest drop of INR 300/t was seen in Mandi Gobindgarh to INR 40,000/t, while in Mumbai, billet rose INR 200/t d-o-d to INR 39,400/t.
Rebar (Fe 500) tags decreased by INR 100/t in Mandi Gobindgarh, Durgapur, Raipur and Hyderabad. Meanwhile, prices rose by INR 100/t in Mumbai to INR 44,600/t and INR 200/t in Jalna region to INR 43,500/t.
Today market remain subdued in the spot market. Purchases are largely confined to urgent needs, driven by volatility in raw material prices, particularly sponge iron and billet. Additionally, lack of fresh bookings in the finished steel segment which drag down the trade volumes in the market. Given the current scenario, prices are expected to remain volatile for one or two days rest depends upon demand-supply balance.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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