India’s induction furnace (IF) steel market witnessed dull sentiments on 24 June 2025. Mills reduced offers by INR 50-400/tonne (t) d-o-d.
Sponge iron offers dropped by INR 50-100/t d-o-d across the locations except in Chennai market where price inched up by INR 200/t.
Billet tags decreased by INR 50-300/t d-o-d and the sharpest fall in Ahmedabad market by INR 300/t.
Rebar (Fe 500) tags moved down by INR 100-400/t d-o-d. Prices dropped the steepest in Raipur INR 400/t.
Trading activity remained subdued across regions today. Buyers continued to limit their purchases to immediate requirements, avoiding bulk bookings.
On the other hand, sellers faced pressure from elevated inventory levels estimated at around 12-15 days for finished steel which can vary location wise due to weak sales. This imbalance prompted further price reductions in an attempt to clear stocks. In the backdrop of current market dynamics, price volatility is expected to persist in the near term.
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BigMint’s price assessment (region-wise)
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