The India Steel Composite Index continued to fall last week, but the pace slowed down. Hence, for the week ended 19 January, 2024, the index closed down a mild -0.4% to 139.9 points against 140.4 points seen in the previous week. It may be noted both longs and flats moved in a very narrow range with longs dipping -0.44% and flats, by -0.27% w-o-w. Trade-level blast furnace (BF)-route rebar prices saw a further INR 500/tonne (t) ($6/t) decline w-o-w. This effectively brought down the prices to a five-month low of INR 51,500/t ($620/t), ex-Mumbai.
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