India’s induction furnace (IF) steel market followed an upward movement on 20 February, 2024, across regions as offers floated by the mills increased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose in the range of INR 50-250/t, with the Hyderabad and Bellary markets witnessing the sharpest rise.
Billet prices witnessed an uptick in the range of INR 50-500/t, with the Hyderabad market witnessing the sharpest rise.
Rebar (Fe 500) offers increased in the range of INR 200-500/t. The Hyderabad market saw the sharpest increase.
Average trades were observed in the market today as sellers received limited bookings at higher offers. Buyers opted for wait-and-watch mode due to uncertainty in the market trend. As per the participants, volatility may persist in the near term.
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BigMint’s price assessment (Region wise)
