India’s induction furnace (IF) steel market saw prices trending lower today while offers from the medium-sized mills fell up to INR 1,500/tonne ($19) d-o-d on 10 May’22.
Sponge iron and billet prices fell in the range of INR 200-1,300/t following a sharp decline of INR 1,300/t in Durgapur’s sponge iron market.
Also, rebar (Fe500) offers dropped in the range of INR 200-1,500/t across regions. Prices edge down in Delhi/NCR market by INR 1,500/t.
The market saw a significant decline in all regions amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of high inventory and lack of spot demand, market sources are expecting prices to remain under pressure.
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SteelMint’s price assessment (Region wise)
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