India’s induction furnace (IF) steel market witnessed an upward trend in prices today. Offers floated by the mills increased in the range of INR 200-1,100/tonne (t) d-o-d on 15 July, 2024.
Sponge iron offers increased in the range of INR 350-850/t. The highest increase of INR 850/t was seen in the Ramgarh market.
Moreover, billet offers rose in the range of INR 200-800/t. The Mandi and Durgapur markets witnessed prices rising by INR 800/t.
Rebar (Fe 500) offers edged up by INR 100-1,100/t across regions. The highest surge was witnessed in Muzaffarnagar market.
An improvement in market sentiment was observed today as average trading activity was seen in the spot market. Sellers hiked offers which created panic among buyers who chose to procure before prices increased but they steered clear of bulk bookings amid unclear market trends. As per sources, such volatility in prices may persist in the near term.
Click here for re-bar brand wise details
BigMint’s price assessment (Region wise)
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