- Buyers limit purchases to immediate needs
- Prices likely to remain volatile in near term
India’s induction furnace (IF) steel market experienced slow trading today. Offers floated by mills declined by INR 50-500/tonne (t) d-o-d.
Sponge iron offers declined by INR 150-200/t d-o-d. Prices decreased by the steepest amount in Chennai, by INR 200/t. However, prices slight up by INR 50/t in Bellary market.
Billet tags decreased by INR 50-500/t d-o-d, with the sharpest fall of INR 500/t observed in Hyderabad.
Rebar (Fe 500) prices dropped by INR 100-500/t d-o-d, with the sharpest decline of INR 500/t in Hyderabad.
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 13,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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