India’s induction furnace (IF) steel market witnessed a slight fluctuation in prices on 14 August, 2024. Offers announced by the mills varied by INR 50-300/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices varied in the range of INR 50-250/t. Prices in Durgapur fell by INR 250/t. Meanwhile, prices rose by INR 100/t in Bellary and Hyderabad.
Billet prices down INR 100-300/t.
Rebar (Fe 500) offers dropped in the range of INR 100-200/t across regions, except for Raipur market, where a price rise of INR 100/t was noticed.
Subdued buying interest prevailed in the market today ahead of Independence Day holiday. Buyers remained inactive which led to minimal movement in the spot market. Participants expect need-based buying in the near-term taking into account current market scenario.
BigMint’s price assessment (region wise)
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