- Spot market witnesses limited trade activity
- Prices likely to be range-bound in near term
India’s induction furnace (IF) steel market experienced dull buying today. Offers floated by mills fluctuated in the range of INR 50-400/tonne (t) d-o-d.
Sponge iron offers varied by INR 100-200/t d-o-d. Prices edged down by INR 200/t in Raipur and Raigarh market and rose by INR 200/t in Hyderabad.
Billet tags decreased by INR 50-400/t d-o-d across locations except in Chennai, where prices rose INR 200/t.
Rebar (Fe 500) prices fell by INR 100-300/t d-o-d, with the highest drop of INR 300/t seen in Raigarh.
Today, limited trade activities were observed in the spot market. Buyers procured material as per their needs only. However, there is a lack of momentum in the finished steel segment, which pressured sellers to adjust trade discounts. As per market participants, prices are likely to be range-bound in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,350/t.
BigMint’s price assessment (region-wise)
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