- Strong finished steel bookings boost market confidence
- Prices may stay supported as positive sentiment continues
India’s induction furnace (IF) steel prices climbed up on 16 January across regions.
Sponge iron offers rose by INR 100-250/t d-o-d, with the steepest hike of INR 250/t recorded in Durgapur, where prices settled at INR 25,400/t.
Billet prices increased by INR 100-1,000/t d-o-d across locations, with the steepest rise of INR 1,000/t in Mumbai, where prices settled at INR 44,500/t.
Rebar (Fe 500) prices increased by INR 100-700/t d-o-d. Prices increased the highest in Mumbai by INR 700/t to INR 49,800/t.
Today, prices continued to rise, with sentiment remaining positive. Moderate trade activities were observed across segments, though this varied by location. Based on the current scenario, prices are likely to remain supported this week, as mills have received moderately strong bookings in the last 2-3 days.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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