India’s induction furnace (IF) steel market witnessed a mixed price trend across regions on 19 March, 2024 as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied in the range of INR 100-300/t. The Raipur and Durgapur markets witnessed a hike of INR 150/t. Meanwhile, Hyderabad and Bellary markets saw prices declining by INR 300/t.
Billet prices varied in the range of INR 50-300/t. Prices in the Durgapur market rose by INR 250/t. However, prices declined by INR 300/t in the Chennai and Ahmedabad markets.
Rebar (Fe 500) offers varied in the range of INR 100-500/t. Prices in the Durgapur market rose by INR 200/t, although they declined by INR 500/t in Hyderabad.
Improvement in trading activities was observed today as buyers became active and procured material in moderate quantities. Market participants expect prices to remain volatile in the near term owing to lack of clarity in market trends.
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BigMint’s price assessment (Region wise)