The domestic induction furnace (IF) steel market witnessed a price hike on 3 Jan’22. Steel prices of the mid-sized mills increased by up to INR 750/tonne (t) ($10/t) d-o-d.
Sponge iron and billet prices increased in the range of INR 100-700/t at all locations across the country. However a major hike of INR 750/t was noticed in Rourkela’s billet market, whereas a slight correction of INR 100-200/t seen in Raipur and Bellary’s sponge iron market.
Also, re-bar (Fe 500 grade) offers rose by INR 100-500/t following a maximum rise of INR 500/t in Ahmedabad and Durgapur.
Limited trade activities were noticed despite an increase in offers in the market. The overall movement has been slow in the semis and finished longs segments. Market participants are expecting further correction in prices in the coming days.
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SteelMint’s price assessment (Region wise)
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