- Volatile sentiment in north India makes buyers cautious
- Prices may continue to fall until finished demand improves
India’s induction furnace steel prices continued their downtrend on 19 February, falling by up to INR 1,000/t d-o-d. Weak demand and market uncertainty pressured prices.
Sponge iron prices declined by INR 100-250/t d-o-d, with the steepest drop of INR 250/t to INR 26,500/t in Raigarh.
Billet prices dropped in the range of INR 200-1,000/t d-o-d across locations. The highest decrease of INR 1,000/t was in Hyderabad, where prices settled at INR 42,000/t.
Rebar (Fe 500) prices fell by INR 100-500/t d-o-d. The highest drop occurred in Delhi, where prices decreased by INR 500/t to INR 47,500/t.
Overall, the IF-route steel (semi-finished and finished longs) market remained under pressure on 19 February. Negative sentiments in the northern markets weighed on buying activity across India, as buyers were reluctant to purchase material amid the highly volatile situation. Prices may continue to fall until finished steel demand improves.
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