- Buyers adopt cautious approach amid market uncertainty
- High finished inventories limiting the raw material purchase
India’s induction furnace (IF) steel market witnessed subdued trading activity today, and mills offers fluctuated by INR 50-500/tonne (t) d-o-d.
Sponge iron offers varied by INR 100-200/t d-o-d, with prices dropping INR 200/t d-o-d in Hyderabad but in Ramgarh market price hiked by INR 200/t.
Billet offers fluctuated by INR 50-500/t d-o-d, with the steepest drop of INR 500/t in Hyderabad.
Rebar (Fe 500) tags decreased by INR 100-300/t d-o-d. Prices declined the most in Mumbai, by INR 300/t. However, prices inched up in Durgapur market by INR 100/t.
Today, sluggish buying activities were witnessed in the spot market. Buyers adopted a cautious approach amid market uncertainty. Sellers adjusted trade discounts depending on payment terms and prior bookings. Moreover, sufficient inventory levels in the trade market, specifically in the finished steel segments which drag down the prices in the market.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,100/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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