India’s induction furnace (IF) steel market remained dull due to sluggish demand on 14 Mar’22. Offers from the medium-sized mills decreased by up to INR 3,400/tonne (t) ($44) d-o-d.
Sponge iron and billet prices declined in the range of INR 300-3,400/t, with a major fall seen in Mumbai’s (Maharashtra) billet market.
Rebar (Fe 500) offers dropped in the range of INR 300-2,900/t across regions. However, a sharp price correction was seen in Mumbai (Maharashtra), western India.
Buyers seem less interested in booking new orders due to the sharp fall in the market, resulting in a situation of panic. The market was silent today, although participants are assuming further price correction due to the festive mood and upcoming holidays.
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SteelMint’s price assessment (Region wise)
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