- Market sees limited trade amid price hikes
- Buyers show resistance to bulk purchases
India’s induction furnace (IF) steel market witnessed subdued sentiment, with mills’ offers falling by INR 100-500/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-250/t d-o-d, with the highest drop of INR 250/t seen in Durgapur.
Billet tags declined by INR 100-300/t d-o-d, with the steepest fall of INR 300/t seen in Ahmedabad, But prices rose by INR 100/t in Jalna and Raipur.
Rebar (Fe 500) prices decreased in the range of INR 100-500/t d-o-d. The sharpest drop of INR 500/t was seen in Rourkela.
Today, limited buying activities were observed amid price hikes. Buyers were resistant to procuring material in bulk. Sales were dull, especially in the finished steel segment, though this varied regionally. As per participants, prices are likely to remain range-bound.
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BigMint’s price assessment (region-wise)
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