Steel prices for Induction Furnace steel increased sharply throughout all major segments within India. Prices for Sponge Iron increased Day-on-Day between ₹550- 1300/tonne, with the highest increase being in Chennai. Prices for Billets increased between ₹650 -1700/tonne, with prices for Rebar (FE 500) increasing between ₹850 -2300/tonne, with the highest being for Jalna and Raigarh due to the increased demand from buyers. The rebar prices ex-Raipur were assessed at ₹42600, up by ₹2000 on a day-on-day basis.

Factors supporting this increase include increased orders and booking activity over the last one to two days, as well as successful shipments of previously sold material that relieved manufacturers of inventory overhang. As a result of manufacturers being able to procure substantial orders in the near term, they are confident in being able to increase their prices.

Outlook:

Going forward, prices are expected to hold and be strong in the upcoming months due to steady ordering activity and managed inventory levels, and with limited risk of price drop unless demand weakens.