India’s induction furnace (IF) steel market witnessed mixed trends on 4 Apr’22, as offers from the medium-sized mills varied in the range of INR 100-600/tonnes (t) d-o-d.
Sponge iron and billet prices fluctuated in the range of INR 100-600/t following a sharp fall of INR 600/t in West Bengal, whereas a hike of INR 500/t was observed in Chennai’s billet market.
Also, rebar (Fe 500) offers varied in the range of INR 200-700/t across regions. Prices increased by INR 700/t in Chennai, south India.
Overall market sentiment remained dull throughout the day due to slow demand. Selling pressure was evident in the market, which led kiln owners to reduce sponge iron offers.
On the other hand, moderate trades were seen in the finished longs segment. Market participants stated that prices have begun to soften as coal prices are drifting down.
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