India’s induction furnace (IF) steel market prices followed a downward movement on 24 July, 2024. Offers announced by the mills decreased by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices fell by INR 100-250/t.
Billet prices dropped by INR 100-500/t across all regions, except for Mumbai market where a price rise of INR 200/t was noticed.
Rebar (Fe 500) offers declined in the range of INR 100-500/t. The sharpest decline was seen in Hyderabad and Durgapur markets.
Trading activities continued to remain slow today as buyers resorted to need-based buying and opted for wait-and-watch mode amid declining price trend. Limited buying interest was evident owing to ongoing monsoon as it slowed down construction activities.
Click here for rebar brand-wise details
BigMint’s price assessment (region wise)
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