- Market sentiment remains dull
- Fluctuation in prices might continue
India’s induction furnace (IF) steel prices edged lower on 23 May 2024. Offers announced by the mills moved south in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell by INR 50-450/t. The sharpest drop was seen in Durgapur market.
Billet prices dropped in the range of INR 50-500/t, with Hyderabad and Chennai markets witnessing the steepest drop.
Rebar (Fe 500) offers decreased in the range of INR 100-500/t across regions, except for the Jalna market where a price rise of INR 100/t was noticed.
The market sentiment continued to remain dull today as buyers chose to stay on the sidelines amid declining price trend. A similar trend in sponge iron and steel billet further led to the current scenario. As per the participants, such fluctuation in prices might continue in the near-term.
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BigMint’s price assessment (Region wise)