- Muted trading activity due to buyer caution
- Mills trim offers, raise trade discounts
Trading in India’s induction furnace (IF) steel market remained sluggish today on 12 December.
Sponge iron offers dropped within the range INR 50-300/t d-o-d, with the Raipur market witnessing a sharp fall of INR 300/t to INR 22,600/t.
Billet offers declined by INR 50-250/t d-o-d. The sharpest drop of INR 250/t was seen in Mandi Gobindgarh to INR 39,750/t.
Rebar (Fe 500) tags decreased by INR 100-200/t. The major fall in Mandi Gobindgarh, Durgapur and Hyderabad regions by INR 200/t to INR 44,600/t, INR 38,900/t and INR 41,000/t respectively.
Today, the steel market continued to exhibit persistent weakness in sales. Trade volumes declined in both the finished and semi-finished segments, indicating cautious buying behaviour. Market activity remained subdued as many buyers had already procured material last week and have now adopted a wait-and-watch approach. However, previously booked orders held by manufacturers, particularly in the finished steel segment, are providing some support to current price levels, though prices may still vary depending on the location.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,550/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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