- Moderate buying activities were witnessed in the market
- Prices expected to remain supportive for these week
India’s induction furnace (IF) steel market recorded moderate trading activity on 9 February.
Sponge iron offers rose in the range of INR 50-600/t d-o-d, with the sharpest increased of INR 600/t in Jharsuguda region to INR 26,400/t.
Billet prices increased by INR 150-700/t d-o-d across locations, with the steepest surge of INR 700/t occurred in Jalna, where prices closed the day at INR 44,200/t. However, prices slight dropped in Mandi Gobindgarh by INR 150/t to INR 45,150/t.
Rebar (Fe 500) prices surged by INR 100-1,000/t d-o-d. Prices increased by INR 1,000/t in Hyderabad to INR 49,000/t.
Today, prices remained supported in the spot market, with moderate trade volumes observed across regions. Sellers increased their offers following fresh bookings, particularly in finished segments. Additionally, tightness in raw material availability, especially sponge iron, was noted in the central region. Meanwhile, buyers to procure material on a need-based basis. Given the current market dynamics, prices are expected to remain supportive over the coming week.
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)
Leave a Reply