- Prices decrease amid lack of inquiries
- Mills slow bulk buying of raw materials
India’s induction furnace (IF) steel prices trended lower d-o-d on 9 January 2025. Mills reduced offers by INR 100-600/tonne (t) across markets compared to the previous trading session.
Sponge iron prices registered a d-o-d decrease of INR 100-300/t, and the steepest fall was observed in the Hyderabad market, while prices inched up INR 50/t in Raipur and Durgapur markets.
Billet offers dropped INR 100-600/t d-o-d, with the sharpest decline seen in the Ahmedabad clusters.
Rebar (Fe 500) tags fell by INR 100-500/t d-o-d; the highest drop was recorded in Jalna.
Today, prices dropped amid a lack of inquiries in the spot market. Mills have been facing selling pressure over the past couple of days, specifically in the finished steel segment. This resulted in buyers exercising caution towards bulk purchases of raw materials. As per participants, the market could volatile further in the near term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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