India’s induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills increased by up to INR 1,300/tonne (t) d-o-d on 26 July, 2022.
Sponge iron prices rose in the range of INR 200-1,000/t. Prices increased in Raipur by INR 1,000/t.
Billet prices rose in the range of INR 400-1,050/t. A rise of 1,050/t was observed in Raipur, while prices spurted by INR 1,000/t in Durgapur.
Rebar (Fe 500) offers rose in the range of INR 300-1,300/t across regions. Prices edged up in Durgapur by INR 1,300/t.
All in all, the semi-finished steel market saw a sharp rise in prices across regions, while finished longs prices surged today – especially in central and eastern India.
Demand for finished long steel and semis improved throughout the day. A rise in coal prices played a key role in keeping offers firm. With improved buying observed since yesterday, producers opted to keep offers higher today, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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