- Buyers refrained from bulk purchases
- Prices to remain range-bound in near term
India’s induction furnace (IF) steel market experienced limited buying activity today. Offers surged by INR 100-700/tonne (t) d-o-d.
Sponge iron prices increased by INR 100-300/t d-o-d, with the steepest hike of INR 300/t observed in Chennai.
Billet offers rose by INR 100-500/t d-o-d across regions, with the highest rise of INR 500/t seen in Hyderabad.
Rebar (Fe 500) prices increased by INR 200-700/t d-o-d, with the sharpest hike of INR 700/t recorded in Hyderabad.
Today, buying remained limited at higher prices, particularly in the finished steel segment, with variations depending on the location. Buyers refrained from aggressive procurement, instead opting for need-based purchases. Manufacturers experienced slight pressure to clear previously booked material. However, prices are expected to stay supported and largely 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 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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