India’s induction furnace (IF) steel prices increased on 1 May, 2024, as offers announced by the mills edged up in the range of INR 150-1,000/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose in the range of INR 150-500/t, with the sharpest rise seen in the Raipur market.
Billet prices surged in the range of INR 200-700/t. The highest rise was seen in the Rourkela market.
Rebar (Fe 500) offers increased by INR 200-1,000/t. The sharpest rise was seen in the Rourkela and Raigarh markets.
Average bookings were observed today in the spot market as buyers remained a bit cautious amid sudden hike in prices. A similar trend was seen in the sponge iron and steel billet markets. As per market participants, such fluctuation in prices might continue in the near term.
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BigMint’s price assessment (Region wise)
