- Sponge iron prices fluctuate sharply
- Rebar offers dropped by INR 100-300/t
India’s induction furnace (IF) steel market followed a mixed price trend across commodities today. Mills’ offers varied by up to INR 300/tonne (t) compared to the previous trading session.
Sponge iron prices fluctuated in the range of INR 50-200/t. The sharpest increase of INR 200/t was seen in Chennai. while a price drop of INR 200/t was noticed in Raigarh and Ramgarh markets.
Billet prices decreased by INR 50-250/t. The highest drop was seen in Mandi,Gobindgarh and Durgapur.
In addition, rebar (Fe 500) offers declined in the range of INR 100-300/t. Prices in Durgapur dropped by INR 300/t d-o-d.
The market opened slow, reducing demand for sponge iron, which led to poor buying interest and slow demand d-o-d. Poor movement in finished steel also stood out as a major reason for limited buying today.
Click here for rebar brand-wise details
BigMint’s price assessment (Region wise)
Leave a Reply