The domestic induction furnace (IF) steel market remained supported on 31 Dec’21. Steel prices of the mid-sized mills increased by up to INR 800/tonne (t) ($11/t) d-o-d.
Sponge iron and billet prices increased in the range of INR 150-550/t at all locations across the country. Re-bar (Fe 500 grade) prices rose by INR 200-800/t following a major hike of INR 800/t in Delhi/ NCR.
Market participants are not expecting much of a correction in prices, as they are hoping primary mills to announce a price hike in the finished long segment for next month.
A few market participants informed SteelMint that new projects announced by the government are also driving demand, especially in the primary finished long segment.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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