India’s induction furnace (IF) steel market witnessed negative sentiments today as offers floated by the mills decreased in the range of INR 200-1,500/tonne (t) d-o-d on 14 November, 2022.
Sponge iron prices in most regions fell by INR 400-750/t. Prices saw a major drop of INR 750/t in Hyderabad sponge iron market.
Billets offers also dropped by INR 500-1,500/t. The highest decline of INR 1,500/t was seen in the Mumbai market.
Rebar (Fe 500) offers decreased by INR 200-1,500/t, with the major decline of INR 1,500/t seen in Mumbai.
Overall, the market witnessed a sharp drop in offers and prices. Semi-finished prices kept decreasing today amid low demand.Finished longs prices too fell across regions. Sources are expecting prices to remain under pressure on account of sufficient stocks with suppliers and poor lifting of previously booked material.
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SteelMint’s price assessment (Region wise)
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