Steel prices in the domestic induction furnace (IF) steel market remained supported on 25 Jan’22. Prices of the mid-sized mills increased by up to INR 600/tonne (t) ($8/t) d-o-d.
Sponge iron and billet offers surged INR 50-500/t in major markets. A sharp hike of around INR 500/t was observed in Hyderabad and Chennai (south India).
Re-bar (Fe 500) prices increased within a range of INR 200-600/t in most locations.
On the other hand, in Mandi Gobindgarh, the furnace owners raised offers on account of tightness in raw material supplies. Low demand was observed for finished long steel products from retail buyers.
Due mainly to rising coal prices, manufacturers will be forced to raise prices, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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