India’s induction furnace (IF) steel prices continued to move in a downward direction on 24 January, 2024, as offers floated by the mills dropped in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell in the range of INR 50-150/t, with the Hyderabad market witnessing the steepest fall.
Billet prices declined in the range of INR 50-300/t across regions. The sharpest drop was seen in the Chennai market.
Rebar (Fe 500) offers varied in the range of INR 100-400/t. In Goa, prices declined by INR 400/t. Meanwhile, Odisha’s Rourkela market saw prices increasing by INR 200/t.
Minimal movement was observed in the spot market today owing to subdued buying interest. Buyers remained in a wait-and-watch mode amid bid-offer disparity. Market participants expect prices to remain range-bound in the near term.
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SteelMint’s price assessment (Region wise)
