India’s induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills increased by up to INR 1,100/tonne (t) d-o-d on 29 July, 2022.
Sponge iron prices rose in the range of INR 100-1,100/t. Prices increased in Jharsugda’s sponge iron market by INR 1,100/t.
Billet prices surged in the range of INR 150-1,000/t. Prices rose INR 1,000/t in Raipur and Hyderabad’s billet market.
Also, rebar (Fe 500) offers inched up in the range of INR 200-600/t across regions. Prices edged up in the Raigarh market by INR 600/t.
Overall, the market saw a hike in prices, especially in the central region. Semi-finished and finished long steel prices remained positive on account of active demand observed during the first half of the day. However, decline in offers in the northern region later on in the day resulted in low buying enquiries and a slight softening in offers in some major locations.
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SteelMint’s price assessment (Region wise)
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