- Inquiries decline, producers face sales pressure
- Sellers offer trade discounts to boost trading
India’s induction furnace (IF) steel market witnessed weak sentiments today, and mills reduced offers by INR 100-400/tonne (t) d-o-d.
Sponge iron offers fell by INR 100-300/t d-o-d across most locations, with a major decline of INR 300/t seen in the Durgapur market.
Billet prices declined by INR 100-400/t d-o-d across regions, with the steepest drop of INR 400/t observed in Rourkela, Ahmedabad, Raigarh and Durgapur.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d, with the steepest fall of INR 300/t seen in Rourkela, Raipur, and Raigarh.
Today, the spot market witnessed a notable decline in buying inquiries. Manufacturers, particularly in the finished goods segment, faced sales pressure, which contributed to a bearish market sentiment. To stimulate sales and manage inventory, sellers offered trade discounts to expedite material movement. Given the current market dynamics, price volatility is expected to persist in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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