- Improved in inquiries, moderate activity seen
- Prices likely to remain supported in near term
India’s induction furnace (IF) steel market experienced active trading today. Offers varied in the range of INR 100-650/tonne (t) d-o-d.
Sponge iron offers witnessed mixed movements by INR 50-650/t d-o-d across regions.
Billet tags rose by INR 200-450/t d-o-d across regions, with the highest rise of INR 450/t seen in Raigarh, Raipur and Ramgarh clusters. However, prices inched down by INR 100/t in Mumbai.
Rebar (Fe 500) prices fluctuated by INR 100-700/t d-o-d, with the sharpest hike of INR 700/t recorded in Raigarh. However, prices decreased by INR 400/t in Mumbai.
Today, moderate trading activity and a improvement in inquiries were observed. Prices remained supported as manufacturers continued to secure good booking orders over the past few days, though there were variations depending on location. Given the current scenario, prices are likely to stay supported 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 11,900/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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