- Improved buying Sentiment across steel segments d-o-d
- Prices expected to remain supportive for these week
India’s induction furnace (IF) steel market recorded moderate trading activity on 6 February.
Sponge iron offers fluctuated in the range of INR 50-250/t d-o-d, with the sharpest drop of INR 100/t in Durgapur and Jharsuguda where prices settled at INR 26,100/t and INR 25,500/t. The major increased in Raigarh region by INR 250/t to INR 26,250/t.
Billet prices decreased by INR 50-300/t d-o-d across locations, with the steepest drop of INR 300/t occurred in Jalna, where prices closed the day at INR 43,200/t. Although, prices sharply increased by INR 200/t in Mandi Gobindgarh region to INR 45,000/t.
Rebar (Fe 500) prices dropped by INR 200-700/t d-o-d. Prices decreased by INR 700/t in Mumbai to INR 49,600/t. However, prices slight rose in Raigarh and Durgapur by INR 100/t.
Today, slight improvement in trading activities as noticed d-o-d. Moderate buying was observed, supported by good buying in finished steel as well as semi-finished steel segments which can vary region wise. Manufacturers were tried either to stabilize the offers or to increase the offers in the spot market. Given the current market scenario, prices are likely to remain supportive for the these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,400/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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