India’s induction furnace (IF) steel market witnessed positive price trends while offers across mills increased by up to INR 1,200/tonne d-o-d, on 12 July 2022.
Sponge iron and billet prices rose in the range of INR 50-500/t. The highest hike was seen in Raipur’s sponge iron market.
Also, rebar (Fe 500) offers increased in the range of INR 300-1,200/t across regions with the highest hike seen in Rourkela’s market.
Though offers remained on the higher side, spot trade was slightly low today d-o-d as majority of participants opted for a wait-and-watch mode considering higher steel prices with a constant surge in offers since a past few days.
Seasonal tight supplies of sponge iron may curb any major fall in steel prices, while subdued finished steel sales may force producers to keep offers lower, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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