India’s induction furnace (IF) steel market witnessed an upward trend in prices, as offers floated by the mills increased in the range of INR 250-1,200/tonne (t) d-o-d on 3 April, 2024.
Sponge iron prices edged up by INR 250-900/t. The highest rise of INR 900/t was seen in the Jharsuguda sponge market.
Billet prices increased by INR 300-700/t. The Goa and Jalna markets witnessed the highest rise of INR 700/t.
In addition, rebar (Fe 500) offers rose in the range of INR 300-1,200/t. The Goa market witnessed the sharpest rise of INR 1,200/t.
Moderate bookings were observed in the market today as prices increased. Sellers hiked offers amid positive sentiment and improved buying interest. Market participants expect similar trends to continue in the near term.
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BigMint’s price assessment (Region wise)