India’s induction furnace (IF) steel market witnesed price correction today as offers by the mills decreased up to INR 300/t on 23 February, 2023.
Sponge iron offers fell sharply by INR 50-300/t. The highest decline of INR 300/t was seen in Jharsuguda’s sponge iron market.
Billet prices dropped in the range of INR 100-300/t across regions, with the maximum fall of INR 300/t seen in Jalna and Mandi, Gobindgarh.
Rebar (Fe 500) offers fell by INR 100-300/t across regions. The highest drop of INR 300/t was seen in Durgapur.
The market saw negative price trends and low trade. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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