India’s induction furnace (IF) steel market saw a downtrend in prices on 11 Apr’22 as offers from the medium-sized mills decreased by up to INR 1,700/tonne ($22) (t) d-o-d.
Sponge iron and billet prices fell in the range of INR 300-1,400/t following a decrease of INR 1,400/t seen in Mumbai’s billet market in western India.
Rebar (Fe 500) offers declined in the range of INR 200-1,700/t across regions. Prices declined sharply in Muzzafarnagar by INR 1,700/t.
The market is in free-fall now, with limited to no buying activity being observed in a few major markets. Sellers with inventories are hoping for trades to gather momentum in the coming days as coal prices remains fluctuate.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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