- Sellers receive limited inquiries amid price hikes
- Suppliers offer discounts to liquidate existing stocks
India’s induction furnace (IF) steel market experienced subdued trading today. Offers varied in the range of INR 100-500/tonne (t) d-o-d.
Sponge iron offers rose by INR 100-300/t d-o-d. Prices increased the steepest, by INR 300/t, in Ramgarh. However, prices decreased in Bellary region by INR 100/t.
Billet tags surged by INR 100-500/t d-o-d across regions, with the highest rise of INR 500/t seen in Hyderabad. However, prices inched down by INR 100 and INR 200/t in Raipur and Jalna regions respectively.
Rebar (Fe 500) prices increased by INR 200/t d-o-d, except in Raigarh and Jalna, where tags decreased by INR 200/t and INR 100/t respectively.
Today, the market witnessed a lack of buying inquiries. Despite an increase in prices, buyers adopted a wait-and-watch approach in both the raw material and finished steel segments. Meanwhile, sellers offered discounts to liquidate their existing stocks, depending on their previous booking orders and payment terms. As per the current scenario, prices are expected 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 12,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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