The domestic induction furnace (IF) steel market witnessed subdued prices on 5 Jan’22. Steel prices of the mid-sized mills decreased by up to INR 1000/tonne (t) ($13/t) d-o-d.
Sponge iron and billet prices declined by INR 100-800/t at all locations across the country. However, a noticeable fall of INR 1,000/t happened at Rourkela’s billet market in eastern India.
Also, re-bar (Fe 500 grade) offers decreased by INR 100-900/t following a major drop of INR 900/t in Raigarh.
As per market participants, buying remains on hold due to the continuous downtrend in prices of semis and finished long steel. Further correction is expected in the coming days, as per sources.
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SteelMint’s price assessment (Region wise)
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