India’s induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills increased by up to INR 700/tonne d-o-d on 24 August, 2022.
Sponge iron prices rose in the range of INR 150-700/t. Prices increased in Jharsuguda by INR 700/t.
Billet prices moved up in the range of INR 50-500/t. Prices rose by INR 500/t in Chennai, Mumbai and Hyderabad. However, Mandi Gobindgarh market witness a fall of INR 250/t.
Rebar (Fe 500) offers edged up in the range of INR 200-500/t across regions. Prices rose in the Jalna market by INR 500/t.
Today, the semi-finished steel market saw a slight increase in offers and prices in most regions. Sellers floated higher offers initially but low buying interest drove offers down later in the day. Market participants were cautious about new bookings as prices remained volatile, sources informed SteelMint.
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SteelMint’s price assessment (Region wise)
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