India’s induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills increased up to INR 900/tonne (t) d-o-d on 11 January, 2023.
Sponge iron prices edged up within the range of INR 100-750/t across locations. Prices witnessed a rise in Ramgarh by INR 750/t.
Billet prices rose in the range of INR 100-900/t, with the Raigarh market witnessing the sharpest hike of INR 900/t.
Also, rebar (Fe 500) offers rose in the range of INR 200-800/t, with the sharpest increase of INR 800/t being seen in Raipur.
Not just prices, spot trades too improved today in different markets compared to the decline in trade volumes over the past few days. Sellers raised offers on account of the upward correction in prices seen in the northern region, which kept sentiments largely supported. Market participants are expecting positive sentiments to prevail in the near term.
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SteelMint’s price assessment (Region wise)
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