- Improved inquiries lift prices in various regions
- Market sees lower sales pressure in past few days
India’s induction furnace (IF) steel prices largely increased today, as offers rise by mills rose by INR 50-500/tonne (t) d-o-d.
Sponge iron offers largely rose, by INR 50-550/t d-o-d. The highest increase of INR 550/t was seen in Bellary market.
Billet tags surged by INR 50-500/t d-o-d with the steepest hike seen in Rourkela market by INR 500/t.
Rebar (Fe 500) offers climbed up by INR 100-1,000/t d-o-d. The major upside seen in Hyderabad market by INR 1,000/t.
Today, there was an improvement in inquiries across spot markets in various regions. Lower sales pressure was observed in the market in the last couple of days, though this varied from region to region. As per market participants, prices will remain supported in the near term.
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BigMint’s price assessment (region-wise)
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