- Buyers stay away after making bookings over past 1-2 days
- Sellers to keep offers firm amid lack of inventory pressure
India’s induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 31 March.
Sponge iron prices varied in the range of INR 50-200/t d-o-d, with the sharpest rise of INR 300/t seen in Chennai, where prices settled at INR 29,200/t. Meanwhile, prices dropped by INR 200/t in Ramgarh to INR 26,500/t.
Billet prices fluctuated by INR 50-600/t d-o-d across locations, with the steepest rise of INR 500/t recorded in Ahmedabad, where prices reached INR 47,000/t. Meanwhile, prices fell by INR 600/t in Raipur to INR 41,400/t.
Rebar (Fe 500) prices fluctuated by INR 100-900/t d-o-d. Prices rose by INR 500/t in Hyderabad to INR 51,000/t. However, Raigarh witnessed a major INR 900/t drop to INR 46,700/t due to muted enquiries at higher offers.
Lower trading volumes were recorded today across both the finished steel and semi-finished segments. Buying activity remained largely need-based at increased prices, as most buyers had already procured material over the past 1-2 days.
Prices are expected to remain firm this week, as sellers have received considerable orders and are not facing inventory pressure. This would encourage suppliers to keep their offers firm.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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