India’s induction furnace (IF) steel market witnessed a mixed performance today, wit offers varying in the range of INR 50-400/tonne (t) d-o-d.
Sponge iron offers hiked by INR 50-300/t d-o-d across locations except in Bellary market where prices decreased by of INR 100/t.
Billet tags decreased by INR 100-200/t d-o-d, and the sharpest fall of INR 200/t was observed in Jalna and Rourkela markets. However, in the Mandi market in Punjab prices were sharply increased by INR 300/t.
Rebar (Fe 500) offers seen variation across the regions. Prices increased by INR 100/t in Durgapur and Mandi markets but declined in Mumbai and Ahmedabad by INR 400/t and 100/t respectively.
Today, sluggish buying activities were witnessed in the spot market. Manufacturers, particularly in the finished goods segment, faced sales pressure. To stimulate sales and manage inventory, sellers offered trade discounts to expedite sales. Given the current market dynamics, price volatility is expected to persist 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 12,350/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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