- Cautious buyers close deals at lower prices
- Prices likely to remain volatile in near term
India’s induction furnace (IF) steel market witnessed subdued sentiment today, and mills’ offers varied by INR 50-300/tonne (t) d-o-d.
Sponge iron offers decreased by INR 100-300/t d-o-d, with the sharpest fall in Jharsuguda and Raigarh by INR 300/t.
Billet tags declined by INR 100-200/t d-o-d, with the highest fall of INR 200/t in the Raipur, Chennai and Mumbai markets. However, prices increased by INR 50/t and INR 100/t in Mandi and Jalna regions respectively.
Rebar (Fe 500) tags moved down by INR 100-200/t, with the steepest fall of INR 200/t in Raigarh, Raipur and Chennai markets.
Today, persistently weak demand and limited inquiries kept trading sluggish. Transactions were concluded at lower prices, reflecting cautious buying behaviour and a lack of confidence. Sellers offered discounts to attract buyers, though the overall response stayed weak in both the semi-finished and finished steel segments. As per the current scenario, prices are likely to remain volatile in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply