- Prices decrease amid cautious buyer sentiment
- Weak finished demand, heavy rains impact trade
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills reduced offers by INR 100-300/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-250/t d-o-d, with a steep fall of INR 250/t in the Ramgarh market.
Billet price tags decreased by INR 100-300/t d-o-d across locations. The sharpest fell in Rourkela market by INR 300/t.
Rebar (Fe 500) tags moved down by INR 100-300/t d-o-d. Prices dropped the highest Durgapur, by INR 300/t. Only in Hyderabad region where prices increased by INR 500/t.
Today, the market continued to witness dull inquiries. Buyers adopted a wait-and-watch stance, as prices have been steadily decreasing owing to sluggish demand for finished steel and heavy rains in some regions. Market participants expect prices to face continued pressure amid substantial inventories at mills.
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BigMint’s price assessment (region-wise)
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