- Buyers stay away after making bookings over past 2-3 days
- Sellers to keep offers firm amid lack of inventory pressure
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 2 April.
Sponge iron prices varied in the range of INR 50-350/t d-o-d, with the sharpest rise of INR 300/t seen in Chennai, where prices settled at INR 29,800/t. Meanwhile, prices dropped by INR 350/t in Raipur to INR 27,050/t.
Billet prices fluctuated by INR 100-800/t d-o-d across locations, with the steepest rise of INR 800/t recorded in Mumbai, where prices reached INR 47,700/t. Meanwhile, prices fell by INR 450/t in Rourkela to INR 41,800/t.
Rebar (Fe 500) prices fluctuated by INR 100-600/t d-o-d. Prices rose by INR 600/t in Ahmedabad to INR 54,400/t. However, Durgapur witnessed a major INR 200/t drop to INR 47,700/t due to muted enquiries at higher offers.
Lower trading volumes were recorded today across both the finished steel and semi-finished segments. Lack of fresh bookings were noticed d-o-d. Buying activity remained largely need-based at increased prices, as most buyers had already procured material over the past 2-3 days.
Prices are expected to remain firm this week, as sellers have received considerable orders and are not facing inventory pressure. This would encourage suppliers to keep their offers firm.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,800/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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