- Limited buying activities prevails at elevated offers
- Prices likely to supportive these week
India’s induction furnace (IF) steel prices witnessess mixed trend as on 31 December and limited buying as observed in most of the regions.
Sponge iron offers varied by INR 100-250/t d-o-d, with the steepest drop of INR 250/t to INR 23,500/t in Raigarh region, while major price rise seen in Ramgarh market by INR 150/t to INR 23,500/t.
Billet prices fluctuated by INR 100-550/t d-o-d across locations, with the sharpest increase of INR 550/t to INR 39,150/t in Raigarh, whereas drop in Hyderabad and Chennai by INR 500/t INR 40,000/t and INR 41,000/t.
Rebar (Fe 500) prices increased by INR 200-300/t d-o-d. Prices increased the highest in Raigarh and Raipur markets, by INR 300/t to INR 42,300/t and INR 42,800/t respectively.
Today, moderate trading activity was observed in the spot market. Volatility persisted during today’s trading session, with a slight improvement in buying activity observed in the latter half of the day, varying by region. Additionally, the year-end holiday period impacted trading volumes in both finished and semi-finished steel. As per current scenario, prices likely to supportive these week.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 15,450/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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