- Buyers remain cautious at prevailing prices
- Steel prices likely to remain slow this week
India’s induction furnace (IF) steel market witnessed dull trading activities across markets on 25 March.
Sponge iron offers decreased in the range of INR 100-500/t d-o-d. A major drop of INR 500/t was seen in Raigarh, where prices settled at INR 24,800/t.
Billet prices fell by INR 200-700/t d-o-d across locations, with the steepest decrease of INR 700/t occurring in Chennai, where prices settled at INR 45,300/t.
Rebar (Fe 500) prices fell by INR 100-500/t d-o-d. The sharpest drop of INR 500/t was seen in Raipur and Chennai markets, where prices reached INR 45,200/t and INR 50,500/t respectively.
The market trended lower on weakening sales activities in the finished steel segment. Lower enquiries were due to the lack of fresh bookings in the finished segment over the past 3-4 days. Reduced buying interest in both semi-finished and finished steel compelled sellers to either lower spot offers or increase trade discounts to stimulate sales.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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