India’s induction furnace (IF) steel market witnessed a downtrend on 15 Mar’22 as offers from the medium-sized mills decreased by up to INR 4,000/tonne (t) ($52) d-o-d.
Sponge iron and billet prices declined in the range of INR 200-2,300/t, with a major fall seen in Ramgarh’s billet market.
Rebar (Fe 500) offers dropped in the range of INR 500-4,000/t across regions. However, a sharp price correction was seen in Muzaffarnagar, north India.
A majority of market participants remained cautious about taking positions, although a sharp price correction was observed in a few markets throughout the day. Sources informed SteelMint that the market may trend upwards as OMC’s latest iron ore auction saw active participation, also semis demand was better during the late hours today..
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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