- Market witnesses need-based buying
- Prices may vary slightly in near-term
India’s induction furnace (IF) steel prices witnessed a mixed trend on 22 May 2024. Offers announced by the mills fluctuated in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied by INR 50-200/t. Prices in Bellary market fell by INR 150/t. Meanwhile, the same increased by INR 200/t in Durgapur and Ramgarh.
Billet prices varied in the range of INR 50-500/t. Prices in Hyderabad market increased by INR 500/t. However, the same dropped by INR 100/t in Ahmedabad.
Rebar (Fe 500) offers varied in the range of INR 100-200/t.
The market sentiment remained sluggish today owing to lack of buying interest at the moment. Need-based material procurement prevailed in the market at current offer levels. As per the participants, similar trend might continue in the near term.
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BigMint’s price assessment (Region wise)