- Improved trading activities later mid-session
- prices likely to remain supportive
India’s induction furnace (IF) steel prices remained mixed on 9 January across regions.
Sponge iron offers varied by INR 50-300/t d-o-d, with the steepest drop of INR 300/t recorded in Jharsuguda where prices settled at to INR 22,300/t. Prices rose by INR 150 to INR 23,850/t in Ramgarh.
Billet prices fluctuated within the range INR 50-500/t d-o-d across locations, with the steepest fall of INR 500/t heard in Jalna, where prices settled at INR 42,000/t and the major rise in Raipur and Raigarh regions by INR 200/t to INR 39,700/t and INR 39,400/t respectively.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices decreased the highest in Ahmedabad by INR 500/t to INR 48,200/.
Trading activity improved during the second half of today’s session. Healthy buying was observed, supported by good sales for sponge iron and billets, particularly in few regions of the Central and Eastern belts. Manufacturers attempted either to stabilize offers or to raise the spot offers in the finished steel segment led by moderate buying activities were noticed in most of the locations. Given the current market scenario, prices are likely to remain supportive these week.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,000/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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