- Market sees muted inquiries, need-based buying
- Producers reduce offers, increase trade discounts
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-300/t d-o-d, with a fall of INR 300/t in Chennai. However, in Raigarh, prices inched up by INR 100/t.
Billet tags decreased by INR 50-200/t d-o-d across locations, except in Mandi, where prices were up by INR 200/t.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Mumbai, by INR 300/t.
Today, inquiries were limited in the spot market. Buyers undertook need-based procurement, and consequently, producers reduced offers or increased trade discounts. Market participants expect prices to hover within a limited range in the short term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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