- Market sees few inquiries, need-based buying
- Mills provide discounts to liquidate material
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills’ offers fluctuated by INR 50-300/tonne (t) d-o-d.
Sponge iron offers varied by INR 50-200/t d-o-d, with the steepest fall of INR 200/t in the Hyderabad market.
Billet tags fluctuated by INR 50-300/t d-o-d across the locations.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest in Raipur, by INR 300/t.
Today, inquiries were limited in the spot market, and buyers undertook need-based procurement. Mills gave discounts depending on payment and delivery terms to liquidate their material. As per market participants, prices are likely to remain range-bound 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 14,600/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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