India’s induction furnace (IF) steel market experienced active trading today. Offers surged in the range of INR 50-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 100-300/t d-o-d. Prices increased the steepest, by INR 300/t, in Hyderabad. However, in Durgapur market prices inched down by INR 50/t.
Billet tags surged by INR 100-500/t d-o-d, with the highest rise of INR 500/t seen, again, in the Hyderabad market.
Rebar (Fe 500) prices increased by INR 100-300/t d-o-d and a hike of INR 300/t was recorded in Raipur but in Jalna market prices down by INR 200/t.
Slight improvement in buying activity was seen today which varied across regions. Prices remained supported due to tight availability of scrap in Mandi (Punjab). Overall, prices are expected to remain rangebound 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 12,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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