- Hyderabad records sharpest price drops across commodities
- Central, eastern markets record stronger trade today
India’s induction furnace (IF) prices fell d-o-d across commodities on 29 April. While a marginal uptick was recorded in specific markets of the central regions.
Sponge iron prices decreased by INR 50-400/t d-o-d, with the sharpest decline of INR 400/t seen in Hyderabad to INR 26,800/t.
Billet prices dropped by INR 50-500/t d-o-d across locations, with the highest decrease of INR 500/t recorded in Hyderabad and Jalna to INR 43,000/t and INR 43,500/t respectively.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d. Prices dropped by INR 500/t in Hyderabad, Jalna and Ahmedabad locations to INR 49,500/t, INR 49,500/t and INR 49,800/t respectively.
However, prices slight upside observed in Raipur market by INR 46,100/t.
Trading activity was slow initially but subsequently improved during the second half of today’s session. Moderate trade activity was recorded, supported by strong sales in certain specific markets in the central and eastern belts. Across commodities, manufacturers attempted either to keep offers stable or to raise them slightly in these markets. However, in other regions, buyers were hesitant to procure material, which dampened market sentiment.
Given the current market scenario, prices are likely to be volatile this week, depending on finished steel sales activities.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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