The induction furnace (IF) grade re-bar market witnessed optimistic sentiments today with prices moving up by INR 100-200/t in the major markets, SteelMint assessment shows. A sharp hike in prices by up to INR 600/t was observed in the western region (Maharashtra). In Hyderabad in the south, higher raw material costs (melting scrap) and improved transactions in TMT supported prices. Strengthening semi-finished steel prices in some markets was a signal to manufacturers to increase prices despite limited buying enquiries and spot trading activity. Prices are expected to remain supported in the short term, although minor fluctuations are possible depending on steel billet prices, SteelMint notes.
Leave a Reply