India’s induction furnace (IF) steel market witnessed mixed sentiments today, with mills’ offers changing by INR 50-300/tonne (t) day-on-day (d-o-d) on 24 April 2025.
Sponge iron prices increased by INR 50-100/t d-o-d, except in the Chennai market, which saw a fall of INR 300/t.
Billet tags increased by INR 100-300/t d-o-d, with the highest increase of INR 300/t seen in the Hyderabad cluster, while a drop of INR 200/t was recorded in the Jalna region.
Rebar (Fe 500) prices decreased by INR 200-300/t d-o-d. Prices dropped sharply in Chennai and Patna by INR 300/t but increased by INR 100/t in Durgapur.
Moderate buying activity was observed in the spot market, with buyers procuring material based on immediate requirements. The semi-finished steel segment saw a slight uptick in prices, while finished steel prices remained largely stable. Market participants anticipate continued volatility in the near term.
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BigMint’s price assessment (region-wise)
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