- Market sees subdued trading, prices fluctuate d-o-d
- Buyers adopted a cautious purchase
India’s induction furnace (IF) steel market experienced dull trading today. Offers floated by mills fluctuated in the range of INR 50-500/tonne (t) d-o-d.
Sponge iron offers declined by INR 150-500/t d-o-d. Prices decreased the steepest in Durgapur, by INR 500/t while prices increased in Bellary and Chennai by INR 100/t and 500/t respectively.
Billet tags decreased by INR 50-400/t d-o-d, with the highest fall in Ahmedabad and Durgapur markets.
Rebar (Fe 500) prices varied by INR 100-200/t d-o-d.
Today, the market witnessed weak sentiments, with spot trade activity remaining subdued across most regions. Buyers adopted a cautious approach, limiting their procurement to selective bulk bookings. However, sellers received future bookings, specifically for finished steel in the last week. As per market participants, prices are likely to remain range-bound.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,700/t.
BigMint’s price assessment (region-wise)
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