India’s induction furnace (IF) steel market prices continued downward trend on 14 March, 2024 as offers floated by the mills dipped in the range of INR 50-550/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped in the range of INR 50-200/t, with the Raipur market witnessing the sharpest drop.
Billet prices decreased in the range of INR 200-550/t. The steepest fall was seen in Odisha’s Rourkela market.
Rebar (Fe 500) offers declined in the range of INR 100-300/t with the major drop in Raipur and Durgapur markets.
The overall sentiments remained sluggish today as trading activities were slow in the spot market. Weakened buying inquiries in ground level were observed via sellers from past few days due to declining prices of raw material (sponge iron and billet). Market might remain slow in the near term as per participants.
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SteelMint’s price assessment (Region wise)
