- Need-based buying seen at higher offer levels
- Prices expected to remain positive in the near term
India’s induction furnace (IF) steel market activity slowed on 27 Nov as buyers grew cautious after prices rose earlier this week on the back of high demand for semi-finished steel and rebar products across markets.
Sponge iron prices increased by INR 50-250/t d-o-d, with the steepest hike of INR 250/t observed in Ramgarh.
Billet offers rose by INR 100-500/t d-o-d across regions, with the highest rise of INR 500/t seen in Mandi and Hyderabad markets.
Rebar (Fe 500) prices increased by INR 100-500/t d-o-d, with the sharpest hike of INR 500/t recorded in Mandi and Hyderabad markets.
Sellers continued to raise their offers, supported by active buying in this week as well as a steady flow of future booking orders. Buyers grew cautious today, with purchasing largely remaining need-based due to the higher offer levels, as the rally in spot prices continued. Overall, the broader market sentiment stayed positive 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 12,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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