- Buyers make need-based purchases today
- Sellers keep offers high, having secured ample bookings
India’s induction furnace (IF) steel prices surged d-o-d across markets on 6 March, backed by strong booking orders received by manufacturers in recent days.
Sponge iron offers increased by INR 200-400/t d-o-d, with the sharpest rise of INR 400/t in Bellary and Hyderabad, where prices settled at INR 28,000/t and INR 28,700/t respectively.
Billet prices surged by INR 100-500/t d-o-d across locations, with the steepest increase of INR 500/t occurring in Jalna, Chennai and Ahmedabad markets to INR 44,700/t, INR 45,000/t.INR 44,800/t respectively.
Rebar (Fe 500) prices increased by INR 100-300/t d-o-d. Prices steepest rose by INR 300/t in Mandi Gobindgarh, Raipur and Ahmedabad regions to INR 49,100/t, INR 46,300/t and INR 49,400/t respectively.
Today, limited trading activity was observed in the spot market. Market participation remained slow at current prices, as buyers refrained from making aggressive purchases. Meanwhile, manufacturers maintained higher offers after securing good booking orders in recent days.
Buyers largely adopted a need-based purchasing approach, as many had already booked material over the past 4-5 days amid rising offers.
Under the current scenario, prices are expected to remain firm in the coming days. However, the overall market direction will largely depend on raw material price movements.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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