India’s induction furnace (IF) steel market witnessed a downward trend in prices. Offers floated by the mills decreased by INR 100-500/tonne (t) d-o-d on 2 November, 2022.
Sponge iron offers dropped by INR 100-400/t. The highest decline of INR 400/t was seen in the Durgapur market.
Moreover, billet prices fell in the range of INR 100-500/t across regions with the maximum decline of INR 500/t seen in Jalna, Raigarh and Mandi Gobindgarh, Punjab billet market.
Also, rebar (Fe 500) offers edged down in the range of INR 100-500/t across different regions. Prices witnessed a major drop of INR 500/t in the Bangalore market.
Overall, the market observed negative price trends and low trade volumes. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers as well as the poor lifting positions of most finished steelmakers.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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