- Limited inquiries, need-based buying seen
- Mills slash offers or increase trade discounts
India’s induction furnace (IF) steel market witnessed limited trading activities today, and mills’ offers varied by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-300/t d-o-d, with a sharpest fall of INR 300/t in Raigarh.
Billet tags decreased by INR 50-200/t d-o-d across locations, except in Mandi, where prices were up by INR 200/t.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. Prices dropped the highest in Mandi and Raigarh, by INR 200/t.
Today, inquiries were limited in the spot market. Manufacturers attempted to push the market upward specifically in second half of trading session. However, buyers continued with need-based procurement, varying by location. Given the current scenario, prices are likely to remain range-bound in the near term.
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)
Leave a Reply