India’s induction furnace (IF) steel market witnessed mixed trends, with prices increasing in some regions while decreasing in others. The rate of increase and decrease was within the range INR 50-300/tonne (t) d-o-d across markets.
Sponge iron prices fluctuated by INR 50-200/t d-o-d, with the highest rise of INR 200/t seen in Ramgarh, whereas prices dropped by INR 150/t in Raipur.
Billet tags rose and fell in different markets in the range INR 50-300/t d-o-d, with the steepest fall of INR 300/t recorded in Rourkela. However, in Mumbai, prices witnessed a rise of INR 300/t d-o-d.
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 Ahmedabad. However, prices climbed up by INR 200/t in Rourkela.
Limited trading activity persisted in the spot market today. Continued weakness in finished steel demand kept buyers cautious, and put a brake on bulk purchases. Market participants expect prices to remain under pressure owing to inventory pileup, especially in the finished steel segment. But the level of inventory, too, varies as per regions.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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