- Buyers conduct need-based procurement
- Sellers trim offers/increase trade discounts
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-250/t d-o-d, with the steepest fall of INR 250/t in the Raigarh market.
Billet tags decreased by INR 50-500/t d-o-d, with the sharpest decline of INR 500/t in Hyderabad.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Mumbai, by INR 300/t.
Today, inquiries were limited in the spot market. Buyers undertook need-based procurement, and consequently, mills reduced their offers or increased trade discounts. However, slight improvements were seen in later half of the trading session specifically in Central belt. As per current scenario, prices to hover within a narrow range in the short term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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