India’s induction furnace (IF) steel market prices edged lower on 5 February, 2024, across regions as offers floated by the mills declined in the range of INR 50-300/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 Durgapur market witnessing the sharpest decline.
Billet prices fell in the range of INR 50-250/t, with the Mandi(Gobindgarh) market witnessing the steepest fall.
Rebar (Fe 500) offers dropped in the range of INR 100-200/t across regions.
The movement in the spot market remained slow today as buyers remained majorly silent amid price correction. Participants expect the market to remain range-bound in the near term as buyers are avoiding bulk procurement at the moment.
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BigMint’s price assessment (Region wise)
