The price of IF Rebar 500(ex-Raipur) was assessed at ₹40,300 per tonne excluding GST and other charges, with no change d-o-d basis. The IF steel market witnessed subdued activity today, with mills reducing offers by ₹50-300/tonne (t) d-o-d.

Sponge iron offers dropped by ₹ 50-300/t d-o-d, with a sharp fall of INR 300/t seen in Raigarh.

Billet price had inched lower, by ₹100-300/t d-o-d, with the precipitous fall of INR 300/t witnessed in the Ahmedabad market. Mumbai stood out as exceptional as prices inched up by ₹100/t.

Rebar (Fe 500) tags moved down by ₹100-300/t d-o-d, and the major dropped in the Jalna region by ₹300/t.

However, as mentioned by market sources that buying interest was still weak as buyers are still in a wait-and-watch stance, limiting bulk sourcing of material. Producers are opting to either trim their offers or adjust trade discounts based on prior bookings and payment terms.

Currently, the demand in the construction and infrastructure sectors is steady but not strong, conducive to modest price movements. The price fluctuations are short-term, basically influenced by local inventory cycles, rolling mill schedules, and trader sentiment.

Outlook:

As per the analysis, there has been an anticipation that market participants are expecting prices to remain largely rangebound in the near term amid stable demand and constrained supply.