India’s induction furnace (IF) steel market witnessed a downtrend in prices. Offers across mills decreased by up to INR 2,300/tonne($30/t) d-o-d, on 25 May 2022.
Sponge iron and billet prices fell by INR 200-1,500/t following a decrease of INR 1,500/t seen in Durgapur, Ramgarh and Hyderabad’s billets market.
Also, rebar (Fe 500) offers declined in the range of INR 200-2,300/t across regions. Prices edged down in Muzaffarnagar and the Delhi/NCR market by around INR 2,300/t.
Overall, the market experienced a negative trend in semi-finished and finished steel prices. Sellers reduced offers while trading activity was on the lower side throughout the day. Demand for semi-finished and finished steel products is likely to be bearish in the coming days amidst unclear market trends and expectations of further fall in offers, sources informed SteelMint.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
Leave a Reply