- Market sees limited inquiries amid cautious sentiment
- Prices expected to remain supported in short term
India’s induction furnace (IF) steel market witnessed a price uptrend today, with mills increasing their offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers moved up by INR 100-150/t d-o-d, except in the Durgapur and Bellary market where the prices dropped by INR 50/t and INR 100/t respectively.
Billet tags increased by INR 50-300/t d-o-d across locations, except in the Durgapur and Chennai market where the price decreased by INR 50/t and INR 300/t respectively.
Rebar (Fe 500) tags edged up by INR 100-300/t d-o-d across regions, while Raigarh and Raipur saw declines of INR 200/t.
Today, the market witnessed a lack of buying inquiries. Amid the rise in prices, buyers adopted a wait-and-watch approach in both the raw material and finished steel segments. However, prices are expected 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 12,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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