India’s induction furnace (IF) steel market remained on a low key on 31 Jan’22. Offers from the mid-sized mills decreased by up to INR 500/tonne (t) ($7/t) d-o-d.
Sponge iron and billet offers declined by INR 100-500/t in many regions of the country, with the maximum drop of INR 500/t observed in Raipur,central India.
Rebar (Fe 500) prices fluctuated in the range of INR 100-500/t in most locations; however, a major hike of INR 500/t was seen in Delhi/ NCR, Mumbai and Hyderabad.
Overall, prices lacked support due to limited trades as buyers turned cautious. On the other hand, north India-based rolling mills increased rebar offers on steady demand from the retail counters after a long time.
Further, sources informed that most buyers are holding back from procuring raw materials and semis on the eve of the General Budget on 1 Feb.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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