- Improved raw material buying supports market stability
- Market expected to remain volatile this week
India’s induction furnace (IF) steel prices rose on 15 December, as sellers raised prices on the back of active buying across markets.
Sponge iron offers increased by INR 50-200/t d-o-d, with a steep rise of INR 200/t in the Raigarh market to INR 22,000/t. Only in Ramgarh region prices fell INR 50/t to INR 21,850/t.
Billet prices rose by INR 50-400/t d-o-d across locations, with the sharpest price increase of INR 400/t to INR 36,000/t in Raigarh. However, prices dropped in Chennai region by INR 200/t to INR 38,800/t.
Rebar (Fe 500) prices moved up by INR 100-400/t d-o-d. Prices inclined the highest in Raigarh region by INR 400/t to INR 38,700/t. However, prices dropped in Chennai region by INR 200/t to INR 42,800/t.
Purchasing activity rose on Monday , even as sellers raised their offers on the back of active buying on Saturday. Trade volumes saw a slight improvement as buyers showed interest in procuring raw material (Sponge iron and Billet) following today’s price hike. Additionally, moderate bookings were seen in finished steel segment which can vary location wise. As per current scenario, prices likely to remain volatile these week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,850/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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