The domestic induction furnace (IF) steel market witnessed a surge in prices on 10 Jan’22. Steel prices of the mid-sized mills increased by up to INR 600/tonne (t) ($8/t) d-o-d.
Sponge iron and billet prices rose in the range of INR 100-500/t across locations in the country. Billet prices witnessed a sharp hike of INR 500/t in Ramgarh & Hyderabad.
Re-bar (Fe 500) offers surged by INR 100-400/t in many regions. However, a fall of INR 200/t was observed in Rourkela and Muzaffarnagar.
Prices rose on optimistic sentiments with the resumption in raw materials exports and rising coal prices globally. Hence suppliers kept prices strong in a bid to pass on rising input costs. However, trades in finished steel products remained just about moderate, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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