- Limited buying observed amid higher prices
- Lower inventory pressure at mills supports tags
India’s induction furnace (IF) steel prices fluctuated today, with mills either raising or reducing their offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers varied by INR 50-300/t d-o-d, with the steepest rise of INR 200/t seen in the Chennai market major fall in Hyderabad market by INR 300/t.
Billet tags increased by INR 100-400/t d-o-d across most locations, with the sharpest hike seen in Mumbai; however, in Chennai and Hyderabad, prices down by INR 500/t.
Rebar (Fe 500) tags fluctuated by INR 100-300/t d-o-d. Prices rose the highest in Durgapur, by INR 300/t.
Today, limited inquiries were observed, although this varied location wise. Lower inventory pressure at mills supported prices across the raw materials and finished steel segments. However, need-based procurement was seen at higher prices.
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BigMint’s price assessment (region-wise)
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