- Market sees limited buying today amid price hikes
- Buyers stay away amid healthy bookings yesterday
India’s induction furnace (IF) steel market witnessed a price uptrend today, with mills increasing their offers by INR 100-600/tonne (t) d-o-d.
Sponge iron offers rose by INR 200-600/t d-o-d, with Ramgarh recording the highest increase of INR 600/t.
Billet tags increased by INR 100-500/t d-o-d, with the steepest hike of INR 500/t in the Ahmedabad market.
Rebar (Fe 500) tags edged up by INR 100-400/t d-o-d across regions, with Raigarh and Raipur market witnessing the sharpest increase of INR 400/t.
Today, limited trade activities were seen. Buyers undertook need-based procurement, having already sourced healthy volumes in yesterday’s trading session. However, some regions witnessed divergent trends. As per the current scenario, prices are likely to remain supported in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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