- Lack of fresh bookings weigh on sentiment
- Limited enquiries push sellers to trim offers
India’s induction furnace (IF) steel prices fell d-o-d on 28 January due to subdued finished and semi-finished steel sales across regions.
Sponge iron offers fluctuated by INR 100-200/t d-o-d, with the steepest drop of INR 200/t recorded in Durgapur, Bellary and Ramgarh regions, where prices settled at INR 26,100/t, INR 25,800/t and INR 24,700/t respectively.
Billet prices fell by INR 50-500/t d-o-d across locations, with the steepest decrease of INR 500/t in Ahmedabad and Hyderabad markets, where prices settled at INR 43,300/t and INR 42,000/t respectively.
Rebar (Fe 500) prices declined by INR 100-500/t d-o-d. Prices fell the sharpest in Hyderabad, by INR 500/t to INR 46,000/t.
Today, limited buying activity was witnessed in the market. Lack of fresh bookings was seen in 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. Currently, Buyers adopted a wait-and-watch approach and market likely to remain volatile these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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