India’s induction furnace (IF) steel market saw active buying today. Offers floated by mills fluctuated in the range of INR 50-300/tonne (t) d-o-d.
Sponge iron offers increased by INR 50-250/t d-o-d across locations except in Bellary market where prices fell INR 100/t.
Billet tags increased by INR 100-300/t d-o-d across locations except in Durgapur and Ramgarh market, where prices fell INR 100/t and INR 150/t respectively.
Rebar (Fe 500) prices varied by INR 100-200/t d-o-d, with the highest rise of INR 200/t seen in Duragpur.
Today, moderate trade activities were seen amid increased prices. Buyers were actively procuring raw material (sponge iron and billet) which can vary as per location. As per market participants, prices are likely to be rangebound 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 13,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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