India’s induction furnace (IF) steel market saw buyers showing weak demand at offers prevailing currently. Prices decreased by up to INR 600/tonne (t) d-o-d on 9 February, 2023.
Sponge iron offers fell by INR 50-150/t. The highest decline of INR 150/t was seen in Jharsuguda’s sponge iron market.
Billet prices dropped in the range of INR 100-500/t across regions. The maximum fall of INR 500/t seen in Mumbai’s billet market.
Also, rebar (Fe 500) offers fell by INR 100-600/t across regions. The highest drop of INR 600/t was seen in Mumbai, Rourkela and Raigarh.
Active demand for finished steel products was reported from central and eastern India but at lower offers. However, in other locations demand remained moderate. Hence, prices remained on the lower side, especially of rebars in the western and northern regions.
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SteelMint’s price assessment (Region wise)
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