- Limited inquiries, need-based buying seen
- Finished steel sales remain subdued today
India’s induction furnace (IF) steel market remained limited on 5 December amid subdued sales of finished steel products and as buyers resisted higher prices.
Sponge iron offers dropped by INR 100-300/t d-o-d, with a steep fall in the Raigarh market by INR 300/t.
Billet tags decreased by INR 100-250/t d-o-d. The sharpest drop in Raipur market by INR 250/t. However, only in Hyderabad market where prices slight up by INR 200/t.
Rebar (Fe 500) tags fluctuated by INR 100-300/t d-o-d. Prices dropped the highest in Raigarh market by INR 300/t. Meanwhile, the steepest increase seen in Ahmedabad and Jalna region by INR 300/t.
Spot market activity was limited today, with buyers resisting higher prices. Although a few locations recorded marginal upward movements in spot prices as sellers secured future booking orders these week. Overall market activity stayed muted due to subdued finished steel sales. As per current scenario, prices 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 13,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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