The India Steel Composite Index fell to a two-year low for the week ending 27 January, 2024. Similar levels were last seen on 22 January, 2022. The index last week saw a further dip of 0.2% to 139.60 points. It has been consistently falling for 16 weeks in a row to hit the two-year low last Saturday. Induction furnace rebar prices remained range-bound as demand was dull amid a liquidity crunch and fluctuation in prices of raw materials like billets and sponge iron. Currently, the monthly average price of IF rebar is at INR 48,700/t ($586/t) exw-Mumbai. W-o-w, prices fluctuated by INR 100-500/t ($1-6/t) but remained stable in a few markets.
