- Sponge offers down by up to INR 200/t
- Dull buying enquiries were noticed today
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-200/tonne (t) d-o-d on 25 February 2025.
Sponge iron offers dropped by INR 50-200/t d-o-d, with a steep fall of INR 200/t seen in the Durgapur, Ramgarh and Chennai market.
Billet tags decreased by INR 100-300/t d-o-d across locations except in the Mumbai and Hyderabad market where prices were slightly up by INR 100 and INR 300/t respectively.
Rebar (Fe 500) tags fluctuated by INR 100-200/t d-o-d. Prices dropped the highest in Raigarh, by INR 200/t.
Today, dull buying enquiries were noticed in the spot market. Buyers preferred to book material as per need basis. Mills preferred to either drop offers or adjust the trade discounts. Market participants expect prices to hover within a limited range in the short term.
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BigMint’s price assessment (region-wise)
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