India’s induction furnace (IF) steel market witnessed negative price trends, while offers across mills decreased by up to INR 800/tonne d-o-d on 18 January, 2023.
Sponge iron offers fell sharply by INR 200-400/t. The highest decline of INR 400/t was seen in the Bellary sponge iron market.
Billet prices dropped in the range of INR 100-800/t across regions with the maximum fall of INR 800/t seen in Mandi, Gobindagarh billets market.
Also, rebars (Fe 500) offers fell by INR 100-500/t across regions. The highest drop of INR 500/t was seen in the Delhi and Hyderabad.
The market saw a significant decline in offers in all regions amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short term. SteelMint notes.
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