- Limited inquiries, cautious buying seen
- Mills trim offers, raise trade discounts
India’s induction furnace (IF) steel market witnessed dull trading today, and mills varied offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-200/t d-o-d, with a sharpest fall of INR 150/t in Raipur.
Billet prices decreased by INR 50-300/t d-o-d across locations, except in Mumbai, where prices were up slightly by INR 100/t.
Rebar (Fe 500) offers fluctuated by INR 100-200/t d-o-d across the regions.
Today, weak demand and limited market inquiries kept trading subdued. Transactions were concluded at lower prices, reflecting cautious buying behaviour and a lack of confidence. Sellers offered discounts or reduced prices to attract buyers, though, overall, the response remained poor in both the semi-finished and finished steel segments. As per 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 12,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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