India’s induction furnace (IF) steel market witnessed prices trending lower, while offers floated by mills of varying capacities dropped up to INR 650/tonne (t) d-o-d on 20 Jun’22.
Sponge iron and billet prices decreased in the range of INR 100-650/t, with the exception of Chennai where billet prices rose INR 500/t d-o-d.
Also, rebar (Fe 500) offers edged down in the range of INR 200-500/t across regions. Prices fell in Hyderabad and the Delhi/NCR market by INR 500/t.
Limited buying was observed today resulting in a drop in prices across regions. Sellers reduced prices to boost sales but there was lack of buying interest following price correction in north India.
Compared with last week, demand has softened and with the gradual onset of monsoons buying interest has deteriorated further, which is exerting pressure on prices, sources informed SteelMint.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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