- Buyers refrain from aggressive, bulk purchases
- Prices may remain range-bound in short term
India’s induction furnace (IF) steel market experienced limited buying activity today. Offers varied by INR 50-300/tonne (t) d-o-d.
Sponge iron prices declined by INR 100-150/t d-o-d, with the steepest fall of INR 150/t observed in Durgapur. However, prices witnessed a slight rise of INR 50/t in Raipur.
Billet offers fluctuated by INR 100-300/t d-o-d across regions, with the highest rise of INR 300/t seen in Mumbai. Prices fell the steepest in Mandi, by INR 200/t.
Rebar (Fe 500) prices decreased by INR 100-200/t d-o-d across regions, except in Ahmedabad and Raipur , where prices inched up by INR 100/t and INR 200/t respectively.
Today, trade remained limited at higher prices, particularly in the finished steel segment, with variations depending on the location. Buyers refrained from aggressive procurement, instead opting for need-based purchases. Moreover, prices are expected to stay supported and largely 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 12,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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