India’s induction furnace (IF) steel market prices edged lower on 23 January, 2024, across regions as offers floated by the mills decreased in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dipped in the range of INR 50-300/t, with the Ramgarh market witnessing the sharpest decline.
Billet prices fell in the range of INR 100-400/t across all the regions with the Ahmedabad market witnessing the steepest fall.
Rebar (Fe 500) offers dropped in the range of INR 100-300/t. The sharpest drop was seen in the Raigarh market.
Limited trading activities were observed in the spot market today amid the declining prices. Buyers procured material as per need only as they await further clarity on the market trend.
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SteelMint’s price assessment (Region wise)
