India’s induction furnace (IF) steel market witnessed mixed price trends today, while offers across mills varied in the range of INR 50- 700/tonne (t) d-o-d on 6 June, 2022.
Sponge iron and billet prices fluctuated in the range of INR 50-500/t. A sharp rise of INR 500/t was seen in Hyderabad’s billet market.
Also, rebar (Fe 500) offers varied in the range of INR 300-700/t across regions. Prices increased in the Delhi/NCR market by INR 700/t.
Higher prices were floated during the first half today, although later in the day offers softened on account of weak buying followed by price correction in the northern region. Overall, volatility in offers was observed today, which negatively affected spot trades as most of the buyers held their bids due to unclear market trends.
Market participants apprehend that prices should remain under pressure on account of declining pellet and iron ore prices and with the gradual onset of monsoon in India, which generally slows down construction activity, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
Leave a Reply