India’s induction furnace (IF) steel market witnessed negative trends with prices inching down, as offers by the key mills fell up to INR 2,100/tonne d-o-d on 23 November, 2022.
Sponge iron prices shrank by INR 350-1,900/t. Prices witnessed a sharp fall in Jharsugda’s sponge iron market by INR 1,900/t.
Billet prices edged down in the range of INR 500-2,100/t. Prices dropped INR 2,100/t in Jalna today.
Rebar (Fe 500) offers fell in the range of INR 300-1,200/t across regions. Prices witnessed a correction in the Durgapur market by INR 1,200/t.
In all, the market witnessed a sharp fall in offers today for both semi-finished as well as finished longs. Sellers are under pressure in terms of trades and offers, and were forced to reduce prices amid lacklustre demand.
If demand for finished steel fails to improve significantly in the coming time, declining prices will impose huge pressure on production and trades of steel mills, sources informed.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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