India’s induction furnace (IF) steel market witnessed subdued activity today, with mills reducing offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-250/t d-o-d, with the steepest fall of INR 250/t seen in the Durgapur market.
Billet tags declined by INR 100-300/t d-o-d, with the sharpest fall of INR 300/t witnessed in the Mandi market.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. In Raigarh, Jalna and Ahmedabad prices dropped by INR 200/t.
Today, dull buying enquiries were noticed in the spot market. Buyers adopted a wait-and-watch approach with prices reducing consistently over the past couple of days on sluggish steel demand. In the current circumstances, prices are likely to remain under pressure in the near term unless there is a revival in demand or stabilisation in raw material costs.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,250/t.
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BigMint’s price assessment (region-wise)
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