- Prices decline d-o-d amid sluggish sentiment
- Buyers stay wary amid slow finished demand
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 50-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-200/t d-o-d, with a steep fall of INR 200/t in the Durgapur market.
Billet tags decreased by INR 100-300/t d-o-d and the sharpest dropped in Durgapur region by INR 300/t.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. Prices dropped the highest in Raipur and Durgapur and Rourkela locations, by INR 200/t.
Today, the market remained slow, and fewer transactions were concluded. Buyers were cautious in procuring material amid sluggish demand for finished steel over the past few days. As per participants, prices are likely to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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