India’s induction furnace (IF) steel market witnessed negative price trends today. Offers across the regions decreased by up to INR 800/tonne d-o-d on 5 August 2022.
Sponge iron prices dropped by INR 150-500/t with the major fall of INR 400-500/t seen in central and eastern regions.
Also, billets and rebars (Fe 500) offers dropped by INR 100-800/t across regions. Prices fell sharply by INR 600-800/t in central, eastern and northern India.
The downtrend in prices is due to bearish sentiments weighed by poor off-take of finished steel products especially in rebars. This has put pressure on prices of all products, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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