- Buyers make need-based purchases at higher prices
- Prices likely to remain volatile this week
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across markets amid weaker sales on 17 March.
Sponge iron offers fluctuated in the range of INR 50-300/t d-o-d, with the sharpest rise of INR 300/t in Chennai, where prices settled at INR 29,000/t and major drop by INR 100/t in Raipur and Raigarh markets to INR 26,550/t and INR 25,900/t respectively.
Billet prices dropped by INR 100-500/t d-o-d across locations, with the steepest decrease of INR 500/t occurring in Hyderabad to INR 43,500/t.
Rebar (Fe 500) prices varied by INR 100-500/t d-o-d. Prices major increased by INR 400/t in Mandi Gobindgarh to INR 49,800/t. However, prices steepest dropped in Hyderabad market by INR 500/t to INR 49,500/t.
Today, limited trading activities were seen in the spot market. Lower buying enquiries were noticed due to lack of fresh bookings in the finished segment at higher offers. Prices are likely to remain volatile this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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