- Market sees need-based buying
- Mills reduce offers, lift discounts
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills varied there offers by INR 50-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-300/t d-o-d, with the steepest fall of INR 200/t in the Bellary market. However, prices slight increased in Jharsuguda region by INR 100/t.
Billet tags fluctuated by INR 100-500/t d-o-d across locations.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Chennai, by INR 300/t. However, in Jalna market prices inched up by INR 200/t.
Today, inquiries were limited in the spot market. Buyers undertook need-based procurement, and consequently, mills reduced offers or increased trade discounts. Market participants expect prices to hover within a limited 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 12,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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