The India Steel Composite Index fell to a 34-week low on 9 February, 2024. However, on a w-o-w basis, it remained flat at 139.60 points compared to the preceding week’s closing of 139.4. IF-route India’s induction furnace route finished long steel prices witnessed a mixed price trend with rebar fluctuating by INR 100-600/t ($1-7/t). IF-route rebars were mostly stable at INR 48,100/t ($578/t), exw-Mumbai. Domestic billet prices decreased by INR 100-600/t ($1-7/t) across regions, offering little scope for a price hike.
