- Lack of fresh bookings weigh on sentiment
- Weak enquiries push sellers to trim offers/raise discounts
India’s induction furnace (IF) steel prices fell d-o-d on 27 January due to subdued finished steel and semi-finished steel sales across regions.
Sponge iron offers fluctuated by INR 50-200/t d-o-d, with the steepest drop of INR 200/t recorded in Raigarh, where prices settled at INR 25,200/t.
Billet prices fell by INR 200-550/t d-o-d across locations, with the steepest decrease of INR 550/t in Ramgarh, where prices settled at INR 40,750/t.
Rebar (Fe 500) prices declined by INR 100-600/t d-o-d. Prices fell the sharpest in Ahmedabad, by INR 600/t to INR 49,100/t. However, Prices witnessed slight increase in Mumbai and Chennai by INR 100/t and 200/t to INR 50,300/t and INR 47,500/t respectively.
Weak enquiries kept trading activity subdued today. Lack of fresh bookings over the past week in both the finished steel and semi-finished steel segments impacted overall trade activity. This situation has pressured sellers to either reduce their offers or increase discounts to attract buyers, depending on payment terms and earlier bookings. Given the current scenario, prices are likely to remain volatile this week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply