India’s induction furnace (IF) steel market remained supported today as offers from the mid-sized mills increased by INR 1,100/tonne (t) ($15/t) d-o-d.
Sponge iron and billet prices rose in the range of INR 100-1,000/t in major markets, with a surge of INR 1,000/t Hyderabad’s billet prices.
Rebar (Fe 500) offers rose by INR 200-1,100/t in different regions of the country; a hike of INR 1,000-1,100/t was reported from Hyderabad and Raipur with the increase in gauge parity by INR 500/t.
The market remained strong on account of active demand. Decent movement in semi-finished steel was observed in the eastern and central regions of India.
Rolling mill owner had to increase offers despite average trades in the market. Participants are expecting stability in raw material prices in a highly volatile market.
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SteelMint’s price assessment (Region wise)
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