India’s induction furnace (IF) steel market witnessed subdued sentiments today. Offers floated by the mills varied in the range INR 50-500/tonne (t) d-o-d.
Sponge iron offers fluctuated by INR 50-200/t d-o-d, with the steepest fall of INR 100/t seen in Ramgarh and increased in Jharsuguda market by INR 200/t.
Billet tags decreased in the range INR 50-200/t d-o-d and the major fall in Durgapur location by INR 200/t.
Rebar (Fe 500) tags edged down by INR 200-500/t d-o-d with the sharpest decline of by INR 500/t seen in the Jalna market.
Today, too, lower low buyer interest was seen in the spot market. Mills have inventory pressure, especially in the finished segment, of around 12-15 days — varying region wise. However, manufacturers are adjusting trade discounts to liquidate material and counter the slowdown. Finished steel and raw material prices may continue to remain under pressure in the near term and it is expected that discounts might go up or production cuts may be resorted to.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,050/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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