India’s induction furnace (IF) steel market prices followed an upward movement on 23 February, 2024, as offers floated by the mills increased in the range of INR 100-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose in the range of INR 100-300/t. The sharpest rise was seen in the Hyderabad market.
Billet prices increased in the range of INR 150-600/t. The highest increase was seen in the Mumbai market.
Rebar (Fe 500) offers surged in the range of INR 100-600/t, with the Bangalore market witnessing the sharpest rise.
Moderate trades were observed in the spot market today as participants reported an improvement in buying activities. However, buyers remained cautious amid rising offers and avoided bulk procurement at the moment.
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BigMint’s price assessment (Region wise)
