India’s Induction Furnace Steel Market Sees Continued Downtrend as Mill Offers Drop by Up to INR 600/T Compared to Previous Session, Reflecting Weak Demand and Market Uncertainty.
Sponge iron prices decreased in the range of INR 50-350/t with the highest fall seen in the Durgapur market.
Billet prices fell in the range of INR 100-300/t. The highest drop was seen in Mumbai and Chennai.
Rebar (Fe 500) offers also fell by INR 100-600/t with the Rourkela market witnessing the highest drop.
The market witnessed a sharp decline in offers across all regions due to sluggish buying interest. Sellers are compelled to reduce prices to clear rising inventories. Given weak spot demand, prices are likely to remain under pressure in the short term. BigMint noted.
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BigMint’s price assessment (Region wise)
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