- Spot market trades slow on buyer caution
- Prices get a push due to healthy orders
India’s induction furnace (IF) steel market shows subdued buying enquiries today across regions on 19 January.
Sponge iron offers rose by INR 100-1,100/t d-o-d, with the steepest hike of INR 1,100/t recorded in Chennai, where prices settled at INR 27,400/t.
Billet prices increased by INR 200-2,000/t d-o-d across locations, with the steepest rise of INR 2,000/t in Chennai, where prices settled at INR 43,300/t. However, major prices dropped in Raipur region by INR 350/t to INR 41,150/t.
Rebar (Fe 500) prices increased by INR 200-2,600/t d-o-d. Prices increased the highest in Chennai by INR 2,600/t to INR 47,300/t.
Today, limited trading activities were seen in the spot market. Market activity remained slower at elevated price levels and buyers were not going for bulk purchases. Lack of momentum was seen despite rise in offers today as many buyers had already procured material last week and have now adopted a wait-and-watch approach before making further purchases. Although, sellers have future booking orders with them and prices are likely to remain supportive.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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