- Limited booking orders leads to mixed response
- Manufacturers offer discounts to boost trade
India’s induction furnace (IF) steel market witnessed mixed trends today, with mills varying prices by INR 50-500/tonne (t) d-o-d.
Sponge iron prices declined by INR 50-100/t d-o-d across locations except in the Durgapur market where the price increased by INR 100/t.
Billet tags dropped by INR 100-500/t d-o-d across locations, except in Mandi, Rourkela and Durgapur where prices inched up by INR 100/t, INR 200/t and INR 100/t respectively.
Rebar (Fe 500) prices decreased by INR 100-300/t d-o-d across locations, with the steepest fall of INR 300/t in the Rourkela market.
Today, limited trade activity was observed across regions in the spot market. Consequently, to stimulate buying, manufacturers adjusted trade discounts in the spot market. Overall, mixed trends emerged, with prices rising in certain locations in the second half of today’s trading session.
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 the standalone induction furnaces in Raipur was INR 13,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
