India’s induction furnace (IF) steel witnessed a mixed price trend on 8 May, 2024. Offers announced by the mills varied in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied slightly in the range of INR 50-200/t. The prices in the Odisha’s Jharsuguda market increased by INR 200/t. However, the same declined by INR 100/t in the Raigarh market.
Billet prices fluctuated in the range of INR 50-200/t across the regions.
Rebar (Fe 500) offers varied in the range of INR 100-400/t. The prices in Durgapur market rose by INR 400/t. Meanwhile, a price drop of INR 200/t was seen in the Raipur,.
Subdued buying interest prevailed today as minimal movement was observed in the spot market. Buyers remained majorly silent and with-held from procuring at such higher offers owing to lack of momentum in the market at the moment.
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BigMint’s price assessment (Region wise)
