India’s induction furnace (IF) steel market witnessed prices moving downwards today, while offers from the medium-sized mills fell up to INR 1,800/tonne ($23) d-o-d, on 11 May’22.
Sponge iron and billet prices fell in the wide range of INR 100-1,050/t across markets, with a sharp decline of INR 1,050/t seen in Mandi Gobindgarh’s billet market.
Also, rebar (Fe 500) offers dropped in the range of INR 300-1,800/t across regions. Prices decreased sharply in the Delhi/NCR market by INR 1,800/t.
Overall, the market observed negative price trends and low trades. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.
Prices of other metallics i.e. scrap and pig iron also edged down on improving supplies and declining steel prices in the domestic market.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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