India’s induction furnace (IF) steel market witnessed bearish sentiments today, with mill offers falling by INR 50-550/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-550/t d-o-d. Prices dropped sharply in Raipur by INR 550/t.
Billet tags decreased by INR 50-500/t d-o-d, with the highest drop of INR 500/t seen in Durgapur.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices dropped sharply in Rourkela by INR 500/t.
Participants who have run out on inventory started taking positions during the second half today; however, due to pile up of stock with suppliers (manufactures), prices moved in a negative direction.
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BigMint’s price assessment (region-wise)
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