The induction furnace (IF) steel market remained supported on 16 Dec’21. Prices of semi-finished steel products of the mid-sized mills increased by up to INR 650/tonne (t) ($8), d-o-d.
Indian semi-finished steel (including sponge iron and billet) offers raised by INR 50-650/t, following a major hike of INR 650/t in Ramgarh’s billet market (eastern India).
Moreover, re-bar offers moved up by INR 100-200/t whereas prices fell by 100-300/t in the central and southern regions.
Mills are not willing to reduce prices as they are having sufficient bookings in hand. However, limited buying has been observed at current offers. Also, increase in raw material prices less the scope for further corrections, SteelMint notes.
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Region wise prices
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