- Billet offers rise by INR 100-1,000/t d-o-d
- Prices are expected to remain supportive further
India’s induction furnace (IF) steel prices surged d-o-d across markets on 5 March, backed by firm demand.
Sponge iron offers increased by INR 100-600/t d-o-d, with the sharpest rise of INR 600/t in Bellary and Hyderabad, where prices settled at INR 27,600/t and INR 28,300/t respectively.
Billet prices surged by INR 100-1,000/t d-o-d across locations, with the steepest increase of INR 1,000/t occurring in Hyderabad to INR 44,000/t.
Rebar (Fe 500) prices increased by INR 300-800/t d-o-d. Prices rose by INR 800/t in Jalna to INR 50,600/t.
Steel prices rose sharply across various regions today. Moderate buying was observed led by good response in finished and semi-finished steel segments. Strong bookings were secured over the last 3-4 days, prompting sellers to increase their offers today. Prices are expected to remain supported during the week, backed by firm bookings and sustained sentiment.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,550/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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