- Market sees moderate buying amid increased prices
- Recent raw material price hikes lift finished offers
India’s induction furnace (IF) steel market saw active buying today. Offers floated by mills increased in the range of INR 100-800/tonne (t) d-o-d.
Sponge iron offers rose by INR 100-450/t d-o-d across regions, with the sharpest increase of INR 450/t seen in Ramgarh.
Billet tags increased by INR 300-800/t d-o-d across locations, with the steepest rise of INR 800/t in Ahmedabad.
Rebar (Fe 500) prices climbed up by INR 100-600/t d-o-d, with the highest uptick of INR 600/t seen in Jalna.
Mills revealed that they received moderate bookings today, particularly in finished steel, amid increased demand. Higher finished steel offers gained acceptance, driven by price hikes in raw materials, especially sponge iron and billets, in the past few days. Market participants expect prices to remain firm in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 12,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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