India’s induction furnace (IF) steel market saw mixed price trends and offers varied in the range of INR 50-1,000/tonne (t) d-o-d on 10 October, 2022.
Sponge iron prices fluctuated in the range of INR 50-300/t across regions. However, a slight hike of INR 300/t was seen in the Hyderabad market.
Billet prices fluctuated in the range of INR 100-1,000/t with a maximum increase of INR 1,000/t seen in the Chennai market. However, a major drop of INR 250/t was witnessed in the Raipur market.
Also, rebar (Fe 500) offers varied in the range of INR 100-300/t, with a major decline of INR 300/t in Mujaffarnagar.
The market seemed to be losing buying confidence as denoted by falling prices. Participants stated that buyers opted to wait and watch on account of sufficient material in hand, which led to a drop in spot trading.
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SteelMint’s price assement (Region wise)
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