- Buyers focus on need-based purchases
- Dull trading activities seen in different regions
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 16 April.
Sponge iron prices fluctuated in the range of INR 100-300/t d-o-d, with the sharpest rise of INR 200/t seen in Durgapur, where prices settled at INR 27,800/t. Meanwhile, major drop seen in Bellary location by INR 300/t to INR 28,000/t.
Billet prices dropped by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Ahmedabad where prices reached INR 45,700/t.
Rebar (Fe 500) prices seesawed within INR 100-600/t d-o-d. Prices dropped by INR 600/t in Ahmedabad to INR 51,300/t. Meanwhile, prices rose by 100/t in Raipur, Raigarh and Durgapur regions to INR 47,000/t, INR 46,600/t and INR 46,900/t respectively.
Today, trading activity remained dull across regions despite slight prices. Market sentiment remained volatile throughout the trading session. Market momentum continued to be subdued, particularly in finished and semi-finished steel as buyers focused on need-based purchases at prevailing prices. Manufacturers either lowered their offers or increased trade discounts to stimulate sales.
Market participants anticipate volatility in prices this week due to lower booking orders in the finished segment.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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