- Trade remains muted amid need-based buying
- Sellers adjust trade discounts to boost demand
India’s induction furnace (IF) steel market experienced slow trading today. Offers floated by mills fell in the range of INR 50-500/tonne (t) d-o-d.
Sponge iron offers declined by INR 50-300/t d-o-d. Prices decreased the steepest, by INR 300/t, in Raigarh market.
Billet tags decreased by INR 100-500/t d-o-d, with the highest fall of INR 500/t in the Ahmedabad and Hyderabad markets.
Rebar (Fe 500) prices plunged by INR 200-300/t d-o-d across the locations except in Mumbai, where prices inched up by INR 100/t.
Overall, trading activities remained subdued today. Buyers mostly restricted purchases to immediate needs and avoided bulk bookings. Sellers adjusted trade discounts, depending upon payment and delivery terms, to encourage buyer interest. Given the current market conditions, prices are likely to remain volatile in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,600/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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