- Cautious buying keeps market activity subdued
- Absence of fresh bookings weighs on trade volumes
India’s induction furnace (IF) steel prices remained weak across regions on 18 December.
Sponge iron offers varied in the range of INR 100-300/t d-o-d, increasing by INR 300/t in Hyderabad where prices settled at INR 24,700/t. Meanwhile, prices fell in Raipur by INR 200/t to INR 22,550/t.
Billet prices fluctuated by INR 50-300/t d-o-d across markets, with the sharpest increase of INR 400/t seen in Hindupur, where prices settled at INR 38,200/t, while in the Ahmedabad region prices decreased by INR 300/t to INR 40,100/t.
Rebar (Fe 500) prices moved up by INR 100-500/t d-o-d. Prices rose the highest in Hyderabad by INR 500/t to INR 41,500/t. However, only in Raigarh prices edged down by INR 400/t to INR 38,800/t.
Today, lower buying enquiries were observed in both the finished steel and semi-finished segments, reflecting cautious buying behaviour. Trading activity remained subdued as buyers had already procured material over the past two-three days and are now adopting a wait-and-watch approach. The lack of fresh bookings in the finished steel segment further dragged down overall trade volumes in the market. Given this scenario, prices are expected to remain supportive over the next one to two days.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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