- Mills lift offers amid moderate trading activity
- Tight raw material availability supports prices
India’s induction furnace (IF) steel market witnessed active trading today, with mills hiking offers by INR 100-1,000/tonne (t) d-o-d.
Sponge iron offers increased by INR 150-700/t d-o-d. Prices rose the steepest, by INR 700/t, in Jharsuguda.
Billet tags climbed up by INR 100-550/t d-o-d, with the highest rise of INR 550/t in Mandi market.
Rebar (Fe 500) prices increased by INR 200-1,000/t d-o-d, with the sharpest hike of INR 1,000/t seen in Hyderabad. However, in Mumbai market prices were inched down INR 200/t.
Today again, moderate trading activity was witnessed with price hikes, which varied location wise. Prices remained supported due to the tight availability of raw materials in the spot market. Today’s price hikes also followed manufacturers’ sustained efforts to push prices upward over the last couple of days. As per the current scenario, prices are likely to remain supported in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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