- Raw material, rebar tags up as mills’ inventories fall
- Buyers opt for need-based buying as prices increase
India’s induction furnace (IF) steel market witnessed largely positive sentiments today, and mills raised offers by INR 50-300/tonne (t) d-o-d.
Sponge iron prices rose by INR 50-300/t d-o-d, with the sharpest hike of INR 300/t seen in the Chennai market.
Billet tags hiked by INR 100-300/t d-o-d, with the steepest increase of INR 300/t noted in the Rourkela cluster.
Rebar (Fe 500) prices increased by INR 100-200/t d-o-d in major locations.
Today, limited buying inquiries were observed, although this varied regionally. Raw material and finished steel prices remained supported, owing to reduced inventory pressure at mills. However, buyers opted for need-based buying at higher prices.
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BigMint’s price assessment (region-wise)
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