- Buyers make need-based purchases at higher prices
- Prices likely to remain slow this week
India’s induction furnace (IF) steel market remained subdued d-o-d across markets amid weaker sales on 18 March.
Sponge iron offers decreased in the range of INR 100-400/t d-o-d. Major drop of INR 400/t was seen in Raipur and Raigarh markets to INR 26,150/t INR 25,500/t respectively.
Billet prices dropped by INR 100-350/t d-o-d across locations, with the steepest decrease of INR 350/t occurring in Raigarh, where prices settled at INR 40,750/t.
Rebar (Fe 500) prices fell by INR 100-400/t d-o-d. Prices fell by INR 400/t in Durgapur to INR 46,300/t.
Today, dull trading activities were seen in the spot market. Lower enquiries were noticed due to lack of fresh bookings in the finished segment over the past 2-3 days. Thus, a majority of participants opted to wait-and-watch before procuring material aggressively. The market is likely to remain slow this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,300/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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