India’s induction furnace (IF) steel market witnessed mixed trends as offers varied in the range of INR 50-500/tonne (t) d-o-d on 29 September, 2022.
Sponge iron prices declined slightly by INR 50-100/t, while billet offers dropped INR 100-200/t. However, a slight hike of INR 200/t was seen in Mandi Gobindgarh, Punjab.
Rebar (Fe 500) offers varied in the range of INR 100-500/t, with the major increase of INR 500/t seen in Maharashtra’s Jalna market.
Spot trades in almost all segments remained moderate on account of subdued finished steel sales. Sellers are anticipating further volatility in prices on account of stable raw material prices amid the ongoing festive season along with the weakening of the INR which will raise the cost of imports.
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SteelMint’s price assement (Region wise)
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