India’s induction furnace (IF) steel market saw negative price trends, while offers across mills decreased by up to INR 600/tonne d-o-d on 21 December, 2022.
Meanwhile, in a significant development, sponge iron offers sharply fell by INR 250-600/t. The highest decline of INR 600/t was seen in the Jharsugda’s sponge iron market.
Billets prices dropped in the range of INR 100-350/t across regions with the maximum fall of INR 350/t seen in Durgapur’s billets market.
Also, rebars (Fe 500) offers edged down in the range of INR 100-500/t across regions. Moreover, prices saw a major drop of INR 500/t in Durgapur and Hyderabad markets.
Overall, the market observed negative price trends and low trades. Sources are expecting semis prices to remain under pressure on account of slight rise in inventories with both semis and finished long steel producers.
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SteelMint’s price assement (Region wise)
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