- Prices raised in most of markets despite limited trading
- Buyers stay cautious, refrain from placing bulk orders
India’s induction furnace (IF) steel market experienced limited trading today. Offers varied in the range of INR 100-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 100-300/t d-o-d. Prices rose the steepest, by INR 300/t, in Raigarh.
Billet tags rose by INR 100-500/t d-o-d across regions, with the highest rise of INR 500/t seen in Hyderabad.
Rebar (Fe 500) prices increased by INR 200-500/t d-o-d, with the sharpest hike of INR 500/t recorded in Hyderabad. However, prices decreased by INR 200/t in Mumbai.
Today, prices remained supported, although trading activity was limited in both the semi-finished and finished steel segments (varying by location). Amid higher prices in most locations, buyers remained on the sidelines and refrained from bulk procurement. Given the current scenario, prices are likely to stay supported 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 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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