- Market sees dull inquiries, need-based buying
- Mills reduce offers or provide trade discounts
India’s induction furnace (IF) steel market witnessed subdued sentiment, with mills’ offers falling by INR 50-200/tonne (t) d-o-d.
Sponge iron prices decreased by INR 150-400/t d-o-d, with the highest drop of INR 400/t seen in Raipur and Raigarh.
Billet tags declined by INR 150-450/t d-o-d, with the steepest fall of INR 450/t seen in Raigarh and raipur.
Rebar (Fe 500) prices decreased by INR 100-400/t d-o-d. The sharpest drop of INR 400/t was in Durgapur.
Today, dull buying inquiries were observed in the spot market. Buyers preferred to book material as per their needs only, and in response, mills either reduced their offers or adjusted trade discounts. Market participants expect prices to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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