- Market slow with few transactions recorded
- Buyers wary due to sluggish finished steel demand
India’s induction furnace (IF) steel market witnessed subdued sentiment, with mill offers falling by INR 100-350/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-200/t d-o-d, with the highest drop of INR 200/t seen in Raigarh.
Billet tags declined by INR 100-350/t d-o-d, with the steepest fall of INR 350/t recorded in Raigarh.
Rebar (Fe 500) prices decreased in the range of INR 100-200/t d-o-d. The sharpest drop of INR 200/t was seen in Durgapur.
Trading activities remained subdued today across regions. Buyers largely restricted purchases to fulfil immediate needs and avoided bulk bookings.
Meanwhile, sellers were burdened with elevated inventories of around 10–15 days, especially in the finished steel segment, which is compelling them to reduce prices further. Given the current market conditions, prices are likely to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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