India’s induction furnace (IF) steel market saw price corrections today as offers across mills fell in the range of INR 100-800/tonne (t) d-o-d on 8 June, 2022.
Sponge iron and billet prices dropped by INR 100-800/t. However, a slight uptick of INR 50/t was seen in Bellary’s sponge iron market.
Also, rebar (Fe 500) offers fell by INR 200-500/t across regions with a major drop of INR 500/t seen in Durgapur and Mandi Gobindgarh markets.
Due to the fall in raw material prices, semi-finished steel buyers seemed to be cautious and thus held back purchases. On the other hand, moderate demand was seen in the finished longs (rebar) segment.
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SteelMint’s price assessment (Region wise)
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