India’s induction furnace (IF) steel market prices followed an upward movement on 29 February, 2024, as offers floated by the mills increased in the range of INR 100-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose in the range of INR 150-400/t. The sharpest rise was seen in Odisha’s Jharsuguda market.
Billet prices increased in the range of INR 100-350/t. The highest increase was seen in the Raipur and Rourkela markets.
Rebar (Fe 500) offers surged in the range of INR 100-500/t, with the Muzaffarnagar market witnessing the sharpest rise.
Moderate bookings were observed in the market today as prices climbed up. Sellers hiked offers amid positive sentiment and improved buying interest. Participants expect market to remain volatile in the near term owing to lack of clarity in trend.
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BigMint’s price assessment (Region wise)
