- Cautious buying limits market momentum
- Buyers stay away, expect further price correction
India’s induction furnace (IF) steel market remained subdued on 12 January across regions.
Sponge iron offers decreased by INR 50-400/t d-o-d, with the steepest drop of INR 400/t recorded in Ramgarh, where prices settled at INR 23,450/t.
Billet prices dropped within the range INR 150-300/t d-o-d across locations, with the steepest fall of INR 300/t in Raigarh and Ramgarh regions where prices settled at INR 39,100/t and INR 39,200/t respectively.
Rebar (Fe 500) prices decreased by INR 100-200/t d-o-d. Prices decreased the highest in Jalna by INR 200/t to INR 48,800/t.
Today, lower buying activity was witnessed in the market. Buyers limited aggressive purchases at current prices and adopted a wait-and-watch approach in anticipation of further price corrections. Due to this scenario, sellers either reduced their offers or adjusted trade discounts based on previous booking volumes and payment terms. Moreover, the market is likely to remain slow throughout this week in the absence of significant demand triggers.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,850/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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