India’s induction furnace (IF) steel market witnessed negative price trends, while offers floated by the mills decreased by up to INR 350/tonne (t) on 7 March, 2023.
Sponge iron prices edged down by INR 100-350/t. Prices witnessed a decline of INR 350/t in Raigarh.
Billet prices declined in the range of INR 100-300/t. Prices fell by INR 300/t in Raigarh’s billet market today.
Rebar (Fe 500) offers declined in the range of INR 200-300/t. Prices decreased in Muzaffarnagar and Delhi/NCR by INR 300/t.
Prices fell in the semi-finished and finished long steel segments as most of the key domestic markets remained closed today ahead of the Holi holidays. Spot trades were low today as no buying activity was seen. Market participants are expecting sentiments to turn positive once activties resume post holidays.
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SteelMint’s price assessment (Region wise)
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