India’s induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills surged to INR 1,000/tonne d-o-d on 16 August, 2022.
Sponge iron prices rose in the range of INR 50-600/t. Prices increased in Raipur and Rourkela’s sponge iron market by INR 600/t.
Billet prices rose in the range of INR 250-1,000/t. Prices witnessed a rise of INR 1,000/t in Hyderabad’s billet market.
Also, rebar (Fe 500) offers increased in the range of INR 300-700/t across regions. Prices edged up in Durgapur and Rourkela by INR 700/t.
The semis and finished long steel market saw an uptrend in prices. Sellers raised offers and active demand was seen during the first half today. However, later on the decline in offers in the northern region weighed on prices and a slight fall in offers was reported in the late hours as against offers in the opening session.
Amidst an unclear market outlook, a few participants adopted on wait-and-watch approach, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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