- Cautious buying limits market momentum
- Regional festivals likely to keep trade slow
India’s induction furnace (IF) steel market remained subdued on 13 January across regions.
Sponge iron offers decreased by INR 50-250/t d-o-d, with the steepest drop of INR 250/t recorded in Raipur where prices settled at INR 23,400/t.
Billet prices dropped within the range INR 100-300/t d-o-d across locations, with the steepest fall of INR 300/t in Jalna region where prices settled at INR 41,800/t.
Rebar (Fe 500) prices decreased by INR 100-400/t d-o-d. Prices decreased the highest in Raipur by INR 400/t to INR 42,600/t.
Today, weak market sentiment persisted due to subdued demand for finished steel. The soft downstream demand environment continued to weigh on the procurement of raw materials such as sponge iron and billets across locations.
Sellers attempted to revive buying interest by reducing offers; however, prevailing bearish sentiment kept buyers on the sidelines. Market participants largely adopted a cautious stance in anticipation of additional price declines. Regional festivals (Lohri, Makar Sankranti, and Pongal) are likely to keep trade activities slow and pull down prices further this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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