- Moderate trade activity observed amid rising prices
- Improved buying interest pushes mills to lift offers
India’s induction furnace (IF) steel market experienced active trades today. Offers floated by mills increased in the range of INR 50-500/tonne (t) d-o-d.
Sponge iron offers increased by INR 200-500/t d-o-d, with the steepest rise of INR 500/t seen in Hyderabad.
Billet tags moved up by INR 50-500/t d-o-d, with the sharpest hike of INR 500/t in Hyderabad and Mumbai.
Rebar (Fe 500) tags edged up by INR 100-500/t d-o-d, with the highest increase of INR 500/t seen in Delhi.
Today, moderate trade activity was observed amid rising prices. Mills witnessed improved buying interest since the last trading session, which provided support to prices, particularly in finished long products. According to market participants, prices are expected to remain within the current range 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 13,500/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply