India’s induction furnace (IF) steel market saw a downward price trend today. Mills’ offers dropped by up to INR 200/tonne (t) compared to the previous trading session.
Sponge iron prices decreased in the range of INR 100-200/t, with the highest fall seen in the Chennai market.
Billet prices fell in the range of INR 100-200/t. The highest drop was seen in Mandi Gobindgarh.
Rebar (Fe 500) offers also fell by INR 100-200/t, with the Mandi Gobindgarh market witnessing the highest drop.
Overall, the IF-route steel (semi-finished and finished longs) market did not see any improvement in prices. Negative sentiments in the north India market weighed on buying activity, as buyers were reluctant to purchase amid the highly volatile situation. Prices may extend losses until finished steel demand improves.
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BigMint’s price assessment (Region wise)
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