India’s induction furnace (IF) steel market witnessed a downward trend. Offers from mid-sized mills decreased by INR 100-750/tonne (t) d-o-d on 4 August.
Sponge iron prices in most regions declined by INR 100-750/t. Meanwhile, the southern market (Hyderabad and Bellary) recorded a slight increase in offers by INR 50-100/t.
Billet offers also dropped by INR 200-650/t. However, a slight hike of INR 100/t and INR 200/t was seen in Mandi Gobindgarh and Chennai market respectively.
Rebar (Fe 500) offers decreased by INR 200-700/t with a major decline of INR 700/t noticed in Raigarh.
Slow demand has been observed across semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and bearish outlook.
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SteelMint’s price assessment (Region wise)
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