- Market witnesses need-based buying
- Buyers turn wary amid uncertainties
India’s induction furnace (IF) steel prices declined across commodities today. Mills’ offers dropped by up to INR 500/tonne (t) compared to the previous trading session.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the highest fall seen in the Chennai and Hyderabad markets.
Billet prices fell by INR 100-200/t d-o-d. The steepest drop was seen in Mumbai.
Rebar (Fe 500) offers fell by INR 100-500/t d-o-d, with the Hyderabad cluster witnessing the sharpest decline.
Overall, trading activities remained dull today, with minimal movements observed in the spot market. Buyers chose to stay on the sidelines and resorted to need-based buying, owing to a lack of clarity regarding market direction, BigMint noted.
Click here for rebar brand-wise details
BigMint’s price assessment (Region wise)
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