- Limited buying interest keeps market subdued
- Prices may remain range-bound in near term
India’s induction furnace (IF) steel market experienced limited trading today. Offers varied in the range of INR 50-300/tonne (t) d-o-d.
Sponge iron prices eased by INR 50-200/t d-o-d across key regions. On the other hand, prices inched up by INR 100/t in Hyderabad and Bellary, and by INR 200/t in Chennai.
Billet tags decreased by INR 50-250/t d-o-d across regions, with the steepest fall of INR 250/t seen in the Raigarh and Durgapur market.
Rebar (Fe 500) prices softened by INR 100-300/t d-o-d, with Raigarh witnessing the steepest drop of INR 300/t. Meanwhile, Mandi recorded a marginal rise of INR 100/t.
Today, limited buying inquiries were witnessed in the spot market. Manufacturers attempted to push up prices in the semi-finished and finished steel segments. However, buyers continued with need-based procurement, though this varied according to location. Given the current scenario, prices are likely to remain 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 12,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply