India’s induction furnace (IF) steel market continued following the negative price trend on 11 June, 2024. Offers announced by the mills decreased in the range of INR 100-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell by INR 100-600/t, with Ramgarh market witnessing the sharpest fall.
Billet prices dropped by INR 300-500/t across the regions.
Rebar (Fe 500) offers plunged in the range of INR 100-600/t, with the Jalna market witnessing the steepest fall.
Limited trading activities were observed in the spot market today as need-based procurement was evident amid declining price trend. Buyers stayed cautious and steered clear of bulk procurement as market lacks clarity at the moment.
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BigMint’s price assessment (Region wise)