India’s induction furnace (IF) steel market witnessed mixed price trends, while offers floated by the mills varied in the range of INR 100-2,800/tonne d-o-d on 28 November, 2022.
Sponge iron prices fluctuated in the INR 100-400/t band, even as prices witnessed the sharpest drop in Odisha’s Jharsugda market by INR 400/t.
Billet prices varied across markets in the range of INR 200-1,000/t. Prices fell by INR 1,000/t in Mumbai.
Rebar (Fe 500) offers fell in the range of INR 100-2,800/t across different regions. Prices witnessed a reduction in the Jalna market to the tune of INR 2,800/t.
The market is still witnessing rampant variations in semis and finished long steel prices. Spot trades remained moderate today even as price correction in the northern region ultimately impacted the markets in the central and eastern regions. Prices are expected to remain volatile as buyers are still cautious about bulk bookings, waiting for the market to stabilise.
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SteelMint’s price assessment (Region wise)
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