- Improved demand and active bookings support prices
- Smooth stock drawdown reinforces positive sentiment
India’s induction furnace (IF) steel prices rose on 16 December, as sellers raised prices on the back of active buying across markets.
Sponge iron offers increased by INR 100-250/t d-o-d, with a steep rise of INR 250/t in the Ramgarh market, where prices settled at INR 22,100/t. Only in Chennai prices fell INR 200/t to INR 24,500/t.
Billet prices rose by INR 200-600/t d-o-d across locations, with the sharpest increase of INR 600/t to INR 38,900/t in Jalna.
Rebar (Fe 500) prices moved up by INR 100-500/t d-o-d. Prices rose the highest in Rourkela, Raipur and Jalna by INR 500/t to INR 39,400/t, INR 39,500/t and INR 44,000/t,
Today, the market witnessed a significant increase in prices across regions. Improved sales activity over the past two days in both finished and semi-finished steel has provided strong price support, prompting sellers to raise their offers. Additionally, smooth dispatches and lifting of previously booked material further indicate stable market conditions. Prices are likely to remain positive this week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply