India’s induction furnace (IF) steel market witnessed weak buying interest across regions today against prevailing offers. Prices decreased in the range of INR 100-1,300/tonne (t) d-o-d on 16 November, 2022.
Sponge iron prices in most regions declined by INR 150-800/t. Prices witnessed a major drop of INR 800/t in Raigarh, central India.
Billet offers dropped by INR 100-1,300/t. The highest decline of INR 1,300/t was seen in the Mandi, Gobindgarh market.
Rebar (Fe 500) offers decreased by INR 200-800/t, with the sharpest decline of INR 800/t seen in Ahmadabad.
The market seemed to be losing buying confidence as evinced by falling prices. Market participants informed that buyers have opted for a wait-and-watch approach on account of sufficient material at hand, which led to limited spot market transactions, sources informed SteelMint.
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SteelMint’s price assement (Region wise)
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