- Strong buying activity supports higher spot prices
- Prices expected to stay firm this week
India’s induction furnace (IF) steel market edged up on 14 January across regions.
Sponge iron offers surged by INR 300-900/t d-o-d, with the steepest hike of INR 900/t recorded in Raipur and Jharsuguda where prices settled at INR 24,300/t and INR 23,100/t respectively.
Billet prices increased within the range INR 100-1,150/t d-o-d across locations, with the steepest rise of INR 1,150/t in Raipur where prices settled at INR 45,450/t.
Rebar (Fe 500) prices increased by INR 300-1,100/t d-o-d. Prices increased the highest in Raigarh by INR 1,100/t to INR 43,200/t.
Today, overall sales activity in the market remained moderate, supported by improved demand. Prices also witnessed an increase, driven primarily by healthy booking orders received by manufacturers late evening yesterday. Given the current demand–supply dynamics, the market is expected to remain supported.
However, trading activities were absent as seen especially Gujarat and Tamil Nadu which remained closed today on the occasion of Makar Sankranti and Pongal.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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