- Market remains slow with fewer transactions
- Buyers wary due to sluggish finished demand
India’s induction furnace (IF) steel market witnessed subdued sentiment, with mills’ offers falling by INR 50-400/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-150/t d-o-d, with the highest drop of INR 150/t seen in Raigarh.
Billet tags declined by INR 100-400/t d-o-d, with the steepest fall of INR 400/t seen in Jalna.
Rebar (Fe 500) prices decreased in the range of INR 100-300/t d-o-d. The sharpest drop of INR 300/t was seen in Raipur. However, in Mandi Gobindgarh, witnessed a rise of INR 300/t.
Today, dull buying inquiries were noted in the spot market. Buyers booked material as per their needs only, with caution prevailing due to sluggish finished steel demand. Mills preferred either to reduce offers or adjust trade discounts. Market participants expect prices to hover range-bound.
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BigMint’s price assessment (region-wise)
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