India’s induction furnace (IF) steel prices edged down on 2 August 2024. Offers announced by the mills decreased by INR 50-800/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices saw a marginal fall of INR 50-350/t. The maximum drop was seen in Ramgarh and Durgapur.
Billet prices fell by INR 250-800/t. The sharpest fall was seen in the Mandi market.
Rebar (Fe 500) offers decreased in the range of INR 200-600/t, with the steepest fall seen in the Raigarh market.
Prices witnessed a downward correction today owing to muted buying across regions. Lack of buying interest among end-users has continued over the past few days and so sellers are offering discounts varying across markets for semi-finished and finished steel.
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