- Buyers book ample material yesterday, limiting trade today
- Prices expected to remain supported in short term
India’s induction furnace (IF) steel market experienced limited trading today. Offers varied by INR 50-400/tonne (t) d-o-d.
Sponge iron offers increased by INR 150-300/t d-o-d across regions, except in Durgapur, where prices inched down by INR 50/t.
Billet tags rose by INR 100-400/t d-o-d across regions, with the highest rise of INR 450/t seen in Mumbai except in Ramgarh region where price fell by INR 50/t.
Rebar (Fe 500) prices increased by INR 100-400/t d-o-d, with the sharpest hike of INR 400/t recorded in Mumbai. However, prices decreased in Durgapur market by INR 100/t.
Limited trade activity was observed today, varying by location. Buyers adopted a need-based approach, as many had already procured sufficient quantities of both raw materials and finished goods during yesterday’s trading session. Given the current market conditions, prices are expected to remain 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 11,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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