India’s induction furnace (IF) steel prices increased today, with mills raising offers by INR 200-1,000/tonne (t) d-o-d.
Sponge iron offers climbed up by INR 200-400/t d-o-d, with the steepest rise of INR 400/t seen in the Raigarh market. Only in Hyderabad and Ramgarh markets where prices fall by INR 100/t and 150/t respectively.
Billet tags increased by INR 250-1,000/t d-o-d across locations, with the sharpest hike seen in the Chennai region; however, in Mandi prices inched down by INR 100/t.
Rebar (Fe 500) tags moved up by INR 200-900/t d-o-d. Prices rose the highest in Raigarh by INR 900/t.
Today the price rally continued in the spot market. Active buying in the last couple of days and reduced inventory pressure at mills supported the price hike. As per market participants, the price momentum is likely to continue in the near term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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