India’s induction furnace (IF) steel market witnessed mixed price trends, while offers floated by the mills fluctuated in the range of INR 50-1,000/tonne d-o-d, on 26 October 2022.
Sponge iron prices fluctuated by INR 50-700/t. Meanwhile, prices fell in Durgapur’s sponge iron market by INR 700/t. Billets prices varied in the range of INR 250-1,000/t. On the other hand, prices fell by INR 1,000/t in Mandi Gobindgarh’s billet market.
SteelMint’s semi-finished steel (Rourkela sponge iron and Raipur billet) indexes remained suspended today due to Govardhan Puja. The price assessments in the first half for Rourkela sponge iron (CDRI) was at INR 34,000/t exw and Raipur billet at INR 47,300/t exw.
Also, rebar (Fe 500) offers varied in the range of INR 300-600/t across regions. Prices fell in the Delhi/NCR market by INR 600/t, although a rise of INR 500/t was witnessed in Hyderabad.
The market witnessed volatility in semi-finished and finished longs prices. Demand remained sluggish throughout the day as buyers were quiet. Market participants are hoping for some clarity once the festive season gets over.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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