India’s induction furnace (IF) steel witnessed a mixed price trend on 15 May 2024. Offers announced by the mills fluctuated in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied by INR 50-300/t. Prices in the Raigarh market increased by INR 300/t. Meanwhile, the same fell by INR 150/t in the Durgapur market.
Billet prices varied in the range of INR 50-600/t. A price rise of INR 600/t was seen in the Mumbai market. While, Rourkela and Mandi markets witnessed a price drop of INR 200/t.
Rebar (Fe 500) offers varied in the range of INR 100-500/t. Prices in the Hyderabad market dropped by INR 500/t. However, the same rose by INR 200/t in Ahmedabad market.
Subdued buying interest prevailed in the market today. Buyers remained majorly silent and resorted to need-based material procurement. As per the participants, such fluctuation in prices may continue in the near-term owing to a similar trend in raw material prices.
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BigMint’s price assessment (Region wise)