- Fresh inquiries dwindle as prices increase
- Buyers stay away, having stocked up earlier
India’s induction furnace (IF) steel market saw active buying today. Offers floated by mills increased in the range of INR 100-200/tonne (t) d-o-d.
Sponge iron offers rose by INR 100–200/t d-o-d across regions, with the sharpest increase of INR 200/t observed in the Raipur market. However, Durgapur witnessed a slight decline of INR 50/t.
Billet tags increased by INR 100-200/t d-o-d across locations, except in Mandi Gobindgarh, Durgapur and Ramgarh where prices fell by INR 50/t.
Rebar (Fe 500) prices edged up by INR 100-200/t d-o-d, with the highest rise of INR 200/t seen in Ahmedabad and Rourkela.
Today, the market witnessed limited fresh inquiries amid elevated prices. Procurement activity was limited and largely need-based, as buyers had already engaged in significant transactions over the past few days, especially in the finished segment. According to market participants, prices are expected to hover within a narrow range in the short term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was at INR 13,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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