The induction furnace (IF) steel market in India saw small fluctuations today. Billet prices fell by ₹50-200/t across most regions, while prices increased by ₹50/t in Raipur and by ₹100/t in Mandi. Rebar (Fe 500) prices were unchanged; however, prices increased by ₹100/t in Jalna. The price of rebar (Fe 500 D) stood at ₹42800/t. Sponge iron prices remained stable across most geographies without any supply-side pressure.

Outlook:

Overall activity in the spot market was limited as buying remained lacklustre and regional markets were closed for the festive season. Buyers were largely observed to be buying only on a need basis, and this kept trading volumes lower. While the lack of activity related to the festive season and wary buyer sentiment exist, short-term price movement will likely be choppy. However, likely closer to the end of the festive season, market participants may return to conducting regular activity, potentially leading to clearer price direction.