The induction furnace (IF) steel market saw a supportive trend in today’s trading session as on 22 Dec’21. Prices of semi-finished steel products of the mid-sized mills increased by up to INR 850/tonne (t) ($11/t) d-o-d.
Semi-finished steel (including sponge iron and billets) offers moved up by INR 100-850/t across the country. The major hike of around INR 850/t was observed in Raigarh (central India).
Re-bar (Fe-500 grade) prices fluctuated by INR 100-750/t with a major fall of INR 750/t seen in Chennai. However, a sharp hike of INR 600/t was noticed in Raigarh.
Prices of semi-finished and finished steel rose on the back of renewed buying as buyers need to replinish their stock. Also, increasing offers in the northern region, Punjab, was one of the major factors behind active demand across regions.
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SteelMint’s price assessment (Region wise)
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