- Sponge iron, billet producers try to raise prices
- Finished market remains soft, limiting uptrend
India’s induction furnace (IF) steel market witnessed mixed response today, and mills’ offers fluctuated by INR 100-200/tonne (t) d-o-d.
Sponge iron offers varied by INR 100-200/t d-o-d, with the steepest fall of INR 200/t in the Hyderabad market.
Billet offers fluctuated by INR 100-200/t d-o-d across locations.
Rebar (Fe 500) offers decreased by INR 100/t in most of the major markets like Ahmedabad, Mandi, Raigarh, Raipur and Rorukela. However, in Durgapur region prices inched up by INR 100/t.
Today, slight improvements were observed in buying inquiries, varying by location. Manufacturers attempted to push offers higher, particularly in the sponge iron and billet segments. However, trade momentum remained soft in the finished goods segment, which limited the uptrend. Given the current scenario, prices are expected to remain range-bound in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 12,250/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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