India’s induction furnace (IF) steel market witnessed dull sentiments in major locations except in few regions, prices were shown mix trend and varied by INR 100-600/t.
Sponge iron offers dropped by INR 100-200/t d-o-d, with a steep fall in the Jharsuguda and Raipur market by INR 200/t. Only in Ramgarh location where prices inched up by INR 100/t.
Billet tags decreased by INR 100-400/t d-o-d across locations except in Jalna, Ramgarh and Mumbai where prices rose slightly by INR 100/t and 300/t respectively.
Rebar (Fe 500) tags edged down by INR 100-600/t d-o-d. Prices dropped the highest in Ahmedabad, by INR 600/t.
Today dull buying enquiries were noticed in the spot market. Buyers were in a wait-and-watch mood as prices dropped consistently owing to sluggish demand in the finished steel segment. Market participants informed that prices have bottomed out in most regions, and are expected to stay subdued in the absence of any clear signs of demand recovery.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
Leave a Reply