India’s induction furnace (IF) steel market witnessed negative price trends, while offers quoted by the mills decreased by up to INR 500/tonne (t) d-o-d on 25 January, 2023.
Sponge iron offers fell sharply by INR 100-300/t. The highest drop of INR 300/t was seen in the Hyderabad market.
Billet prices dropped in the range of INR 50-500/t across regions, with the sharpest fall of INR 500/t seen in Mumbai.
Rebar (Fe 500) offers fell by INR 100-200/t across regions. The highest drop of INR 200/t was seen in the Durgapur and Raurkela markets.
Slow demand was observed in the semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and a bearish outlook, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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