- Buying remains cautious amid weak sentiments
- Material shortages support sponge tags in Raipur
India’s induction furnace (IF) steel market witnessed dull sentiments today, and offers floated by the mills fluctuated in the range of INR 50-300/tonne (t) d-o-d.
Sponge iron offers increased by INR 50-300/t d-o-d, with the steepest rise of INR 300/t seen in Ramgarh.
Billet tags decreased by INR 50-100/t d-o-d across locations.
Rebar (Fe 500) tags edged down by INR 100-300/t d-o-d in most locations, except Rourkela and Raipur, where prices rose by INR 100/t d-o-d.
Today, the finished long steel market witnessed weak sentiments, with spot trade activity remaining subdued across most regions. Buyers continued to adopt a cautious approach, limiting their procurement to selective bulk bookings.
In key regions such as Raipur, a shortage of sponge iron lent some support to prices. Despite this, overall market momentum stayed muted due to limited demand. Prices are expected 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 14,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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