India’s induction furnace (IF) steel market witnessed subdued sentiments, with mill offers falling by INR 100-500/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-400/t d-o-d, with the highest drop of INR 400/t seen in Hyderabad.
Billet tags declined by INR 100-500/t d-o-d, with the steepest fall of INR 500/t recorded in Mumbai. However, in Mandi Gobindgarh, witnessed a rise of INR 50/t.
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 Mumbai, Hyderabad and Raigarh.
Today, trading activities remained subdued across regions. Buyers were cautiously procuring material amid sluggish demand in the finished steel segment over the past few days. Meanwhile, sellers are burdened with high inventories compelling them to reduce prices further. As per current market scenario, prices are likely to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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