India’s induction furnace (IF) steel market witnessed a drop in prices on 9 September, 2024. Offers announced by the mills lowered by INR 50-400/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices registered a decline of INR 50-100/t d-o-d across regions except in Raigarh market which saw marginal increase of INR 100/t.
Billet prices decreased by INR 50-200/t, with the sharpest fall seen in the Mumbai and Mandi markets.
Rebar (Fe 500) offers declined INR 100-400/t and the steepest fall was witnessed in Raigarh.
Today, weak buying interest exerted downward pressure on prices leading to further correction in spot offers of semi-finished and finished steel. Trade activity remained slow, while sources anticipate that the market is expected to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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