India’s induction furnace (IF) steel market witnessed a negative price trend on 1 February, 2024, as offers floated by the mills decreased in the range of INR 50-350/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped in the range of INR 50-350/t. The Durgapur market witnessed the sharpest drop.
Billet prices fell in the range of INR 50-300/t, with the Ahmedabad market witnessing the steepest fall.
Rebar (Fe 500) offers declined in the range of INR 100-300/t across all regions, except in Telangana’s Hyderabad market which rose by INR 250/t.
The market sentiment continued to remain sluggish today which prompted sellers to lower their offer rates. However, buyers opted for wait-and-watch mode and remained silent.
Click here for rebar brand-wise details.
BigMint’s price assessment (Region wise)
