- Dull buying keeps market sentiment soft
- Prices likely to stay rangebound
India’s induction furnace (IF) steel market experienced subdued buying today. Offers varied in the range of INR 50-200/tonne (t) d-o-d.
Sponge iron offers decreased by INR 100-150/t d-o-d. Prices fell steepest by INR 150/t, in Raigarh, Raipur and Ramgarh regions.
Billet tags fell by INR 50-200/t d-o-d across regions, except in Durgapur where prices increased by INR 200/t.
Rebar (Fe 500) prices fluctuated by INR 100-200/t d-o-d across the regions.
Today, the market witnessed subdued buying enquiries. Buyers remained on the sidelines and refrained from aggressive procurement. Meanwhile, sellers offered discounts to liquidate existing stocks, depending on their previous booking orders and payment terms. In the current scenario, prices likely to move remain rangebound.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 11,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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