India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-350/t d-o-d, with a steep fall seen in the Ramgarh market of INR 350/t.
Billet tags dropped by INR 50-500/t d-o-d and the major decreases were recorded in Hyderabad market by INR 500/t.
Rebar (Fe 500) tags edged down by INR 100-300/t d-o-d. Prices dropped the highest in Raipur by INR 300/t.
Today, purchase enquiries were sluggish in the spot market. Buyers remained cautious about bulk procurement of raw materials due to uncertainty in market direction. Manufacturers have reported huge inventories piled up at mills, especially finished long steel, and slow lifting of previous bookings have drag down offers. Prices likely to remain under pressure 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 12,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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