India’s induction furnace (IF) steel market saw negative trends in prices as offers floated by the mills dropped in the range of INR 100-850/tonne (t) d-o-d on 22 April, 2024.
Sponge iron prices fluctuated by INR 200-850/t. Ramgarh market witnessed the highest drop.
Billet prices varied in the range of INR 100-800/t. The highest drop was seen in Mandi, Gobindgarh.
Rebar (Fe 500) offers dropped in the range of INR 100-800/t. The highest drop was seen in Mujaffarnagar market.
Overall, the market seemed to be losing buying confidence as denoted by the falling prices. Participants stated that buyers have opted for a wait-and-watch strategy. In addition, buyers are expecting a further fall in prices as evident from the sluggishness in trade seen at the current offers.
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SteelMint’s price assessment (Region wise)
