India’s induction furnace (IF) steel prices witnessed a drop on 27 December 2024. Mills reduced offers by INR 50-300/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices registered a d-o-d decline of INR 50-100/t, and the steepest fall was in the Raigarh and Chennai market.
Billet offers varied by INR 50-200/t d-o-d.
Rebar (Fe 500) prices decreased in the range of INR 200-300/t and the sharpest fall in Raipur market.
Limited trades were observed in the spot market today. Buyers were engaging in need-based buying amid sluggish demand for finished steel over the past couple of days. As per market participants, prices are likely to remain volatile in the near term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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