India’s induction furnace (IF) steel market remained positive on 1 Feb’22. Offers from the mid-sized mills increased by up to INR 500/tonne (t) ($7/t) d-o-d.
Billets offers moved up marginally by INR 100-400/t across the country. On the other hand, sponge iron prices fluctuated by INR 50-300/t in major markets in which the only drop of INR 100-300/t was seen in central region (Raipur and Raigarh).
Rebar (Fe 500) offers also fluctuated in the range of INR 100-600/t in most locations with a maximum fall of INR 600/t in Raipur, Chhattisgarh.
Prices gained a little support in some regions. However, trade activities remained moderate.
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SteelMint’s price assessment (Region wise)
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