India’s induction furnace (IF) steel market witnessed mixed price trends. Offers across mills varied in the range of INR 50-500/tonne d-o-d on 8 September 2022.
Sponge iron prices fluctuated in the range of INR 50-250/t with the maximum rise of INR 250/t seen in the Ramgarh market.
Billet price varied in the range of INR 50-500/t, with the maximum price hike of INR 300/t seen in the Jharsugda market. However, a major price drop of INR 500/t was seen in Chennai billet market.
Also, rebar (Fe 500) offers plunged by INR 200-500/t across regions. A major price drop of INR 300/t was seen in Chennai and Mumbai markets. However, prices have witnessed a rise of INR 500/t in Central India’ Raigarh market.
Overall, the markets seemed to be losing buying confidence, influenced by the falling prices during the second half today. 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, SteelMint noted.
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SteelMint’s price assessment (Region wise)
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