India’s induction furnace (IF) steel market experienced moderate trading today. Offers surged in the range of INR 100-900/tonne (t) d-o-d.
Sponge iron offers surged by INR 100-700/t d-o-d. Prices increased the steepest, by INR 700/t, in Jharsuguda region.
Billet tags rose by INR 200-700/t d-o-d across regions, with the highest rise of INR 700/t seen in Raigarh market.
Rebar (Fe 500) prices increased by INR 100-900/t d-o-d, with sharpest hike of INR 900/t recorded in Rourkela market.
Today, prices continued to find support, although trading activity remained limited in both the semi-finished and finished steel segments, varying by location. Given the current scenario, prices are likely to stay supported in the near term, as mills have received moderate booking volumes over the past few days.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 12,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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