India’s induction furnace (IF) steel prices witnessed a mixed trend on 2 May, 2024. Offers announced by the mills varied in the range of INR 50-700/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied in the range of INR 50-500/t. Prices in the Ramgarh market inched up by INR 50/t, while the same fell by INR 500/t in Odisha’s Jharsuguda market.
Billet prices fluctuated in the range of INR 50-500/t.
Rebar (Fe 500) offers varied in the range of INR 100-700/t. Prices in the Mumbai market increased by INR 600/t. However, the same dropped by INR 700/t in the Raigarh market.
Limited trading activities were observed in the spot market today. Buyers procured material as per need only amid constant fluctuation in prices and a lack of clarity on the market direction. Market participants expect similar trend to continue in the near-term.
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BigMint’s price assessment (Region wise)
