India’s induction furnace (IF) steel prices followed a mixed trend on 14 May 2024. Offers announced by the mills fluctuated in the range of INR 50-450/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied by INR 50-450/t. Prices in the Raipur market increased slightly by INR 50/t. Meanwhile, the same fell by INR 450/t in the Bellary market.
Billet prices varied in the range of INR 50-400/t. A price rise of INR 300/t was seen in the Ahmedabad market. While, the Mumbai market witnessed a price drop of INR 400/t.
Rebar (Fe 500) offers varied in the range of INR 100-400/t. Prices in the Jalna market dropped by INR 400/t. However, the same rose by INR 200/t in Raipur and Raigarh.
An improvement in market sentiments was observed as trading activities gained a bit of pace. Buyers procured material in average quantities across some regions, while remaining silent in others. Market participants expect this volatile trend to continue in the near term.
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BigMint’s price assessment (Region wise)