India’s induction furnace (IF) steel market received weak responses across India on the offers that prevailed today. These saw a decrease of INR 200-1,500/tonne (t) d-o-d on 14 July, 2022.
Sponge iron and billet offers dropped by INR 200-1,000/t. The highest decline of INR 1,000/t was seen in the billets market in eastern and western region.
Also, rebar (Fe 500) offers fell by INR 200-1,500/t across regions, with the maximum drop of INR 1,500/t seen in Muzaffarnagar (Uttar Pradesh).
Overall, the market seemed to be loosing buying confidence as was denoted by the falling prices. Participants stated that buyers have sufficient material in hand and they are expecting further fall in prices as less active trade is being noticed on the current offers.
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SteelMint’s price assessment (region-wise)
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