India’s induction furnace (IF) steel market witnessed dull response from buyers at prevailing offers. Prices decreased up to INR 600/tonne (t) d-o-d on 7 February, 2023.
Sponge iron offers fell sharply by INR 100-600/t. The sharpest decline of INR 600/t was seen in Durgapur in eastern India.
Billet prices dropped in the range of INR 100-500/t across regions with the maximum fall of INR 500/t seen in the Maharashtras, Jalna billet market.
Also, rebar (Fe 500) offers fell by INR 200-600/t across regions. The highest drop of INR 600/t was seen in the Mumbai market.
Slow demand was observed in the semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and bearish outlook.
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SteelMint’s price assessment (Region wise)
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