- Buying remains cautious, need based
- Sentiment improves, but upside remains capped
India’s induction furnace (IF) steel market rose on cautious buying and higher offerings on 3 December.
Market Sentiment
Today, the semi-finished and finished long steel markets witnessed a slight increase, supported by improved sentiment and higher enquiry levels. However, trade volume stayed limited to moderate. No major bulk bookings were reported, with buyers continuing to purchase only on a need-based basis. The sponge iron and rebar markets faced selling pressure, while the billet market showed slight improvement.
Price Movement
- Sponge iron prices inched up by INR 50–200/t d-o-d, with Raigarh recording the sharpest increase of INR 200/t.
- Billet offers rose by INR 100–250/t d-o-d across major markets, with the highest rise of INR 250/t in Mandi-Gobindgarh.
- Rebar (Fe 500) prices increased by INR 100–600/t d-o-d, with Rourkela posting the steepest rise of INR 600/t
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,000/t.
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