- Mills’ offers swing sharply
- Sponge prices also volatile
India’s induction furnace (IF) steel market was marked by some intense volatility today, with mills’ offers falling by INR 100-500/tonne (t) d-o-d in certain regions, but increasing by INR 100-200/t in others.
Sponge iron prices decreased by INR 100-350/t d-o-d, with the highest drop of INR 350/t seen in Ramgarh but these increased by INR 150/t, with the higher end of the spectrum seen in Raigarh.
Billet tags decreased by INR 100-200/t d-o-d, with the highest drop of INR 200/t seen in Jalna and Mumbai. But prices rose by INR 100-200/t, with Mandi Gobingarh seeing the highest increase of INR 200/t.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices dropped sharply in Mumbai by INR 500/t.
Today, the market witnessed limited buying. Prices increased specifically in the second half of the trading session in some regions, although, mills adjusted trade discounts depending upon inventory pressure and payment terms. Prices are likely to stay volatile, as per the current scenario.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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