India’s induction furnace (IF) steel market prices remained range-bound on 22 March, 2024, as offers floated by the mills fluctuated in the range of INR 50-250/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied in the range of INR 50-250/t. Prices in the Ramgarh market dropped by INR 250/t while the Hyderabad and Bellary markets witnessed an increase of INR 100/t.
Billet prices fluctuated in the range of INR 100-200/t across regions.
Rebar (Fe 500) offers varied by INR 100-200/t. The Chennai and Raigharh markets dropped by INR 200/t while prices in Goa witnessed an increase of INR 200/t.
Minimal movement was observed in the spot market owing to the upcoming Holi festival. Participants expect slow trading activities in the near term.
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BigMint’s price assessment (region-wise)
