- Cautious buyers keep market activity subdued
- Rebar prices drop by INR 100-300/t d-o-d
India’s induction furnace (IF) steel market witnessed lack of trading activities today on 24 March.
Sponge iron offers decreased in the range of INR 100-300/t d-o-d. A major drop of INR 300/t were seen in Raigarh where prices settled at INR 25,300/t.
Billet prices fell by INR 100-500/t d-o-d across locations, with the steepest decrease of INR 500/t occurring in Raigarh, where prices settled at INR 40,150/t.
Rebar (Fe 500) prices fell by INR 100-300/t d-o-d. The sharpest drop of INR 300/t was seen in Raigarh and Raipur markets where prices reached INR 44,700/t and INR 45,700/t respectively.
The market turned negative in today’s trading session on weakening sales activities in the finished steel segment. Reduced buying interest in both semi-finished and finished steel products compelled sellers to either lower spot offers or increase trade discounts to stimulate sales.
Buyers remained cautious, showing limited interest at prevailing price levels and preferring to stay on the sidelines until clearer signals emerge from the finished steel segment.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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