India’s induction furnace (IF) steel market witnessed dull sentiments today, with offers decreased in the range of INR 50-300/tonne (t) d-o-d.
Sponge iron offers lowered by INR 50-100/t d-o-d, and the major fall in Jharsuguda, Raipur and Bellary regions.
Billet tags decreased by INR 50-300/t d-o-d, with the sharpest fall of INR 300/t seen in Ahmedabad market.
Rebar tags fell by INR 100-200/t d-o-d, with the steepest fall of INR 200/t being observed in Ahmedabad.
The steel market has been on a downtrend over the past few days due to festive slowdown and weak demand in the finished segments, with high inventories and poor offtake from prior bookings driving prices lower. Manufacturers have adjusted trade discounts based on booking orders and payment terms. Prices are expected to remain under pressure until there is a recovery in finished long steel sales and clarity on raw material trends.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,050/t.
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BigMint’s price assessment (region-wise)
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