India’s induction furnace (IF) steel market saw mixed price trends as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d on 10 March, 2023.
Sponge iron prices fluctuated by INR 50-200/t. Prices fell in Hyderabad and Bellary by INR 200/t.
Billet prices varied in the range of INR 50-500/t. Prices fell by INR 500/t in Hyderabad today.
Rebar (Fe 500) offers increased in the range of INR 100-300/t. Prices increased in Delhi by INR 300/t.
The market saw a significant decline in offers in all regions amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short term.
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SteelMint’s price assessment (Region wise)
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