India’s induction furnace (IF) steel market witnessed downwards price trends, while offers across mills dropped up to 600/tonne d-o-d on 10 Nov’22.
Sponge iron prices fell by INR 100-450/t. Prices saw a fall in Raigarh’s sponge iron market by INR 450/t.
Billets prices plunged in the range of INR 200-400/t. Prices saw a fall of INR 400/t seen in Raigarh , Durgapur and Mandi Gobindgarh’s billets market.
Also, rebars (Fe 500) offers edged down in the range of INR 200-600/t across regions. Prices also saw a fall in Jalna’s market with INR 600/t.
Prices went downwards due to soft demand in both semi finished and finished long segments. Spot trades were lower throughout the day as buyers were not very keen towards bulk bookings. Prices to remain under pressure until demand for finished steel rises in coming days, SteelMint noted.
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SteelMint’s price assessment (Region wise)
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