The domestic induction furnace (IF) steel market witnessed a surge in prices on 7 Jan’22. Steel prices of the mid-sized mills increased by up to INR 1,000/tonne (t) ($13/t) d-o-d.
Sponge iron and billet prices rose by INR 300-900/t across locations in the country. Billet prices witnessed a sharp hike of INR 1,000/t in Hyderabad.
Re-bar (Fe 500) offers surged by INR 200-800/t in many regions following a maximum rise of INR 800/t seen in Raipur and Raigarh, central India.
The market saw overall positive sentiments prevailing today. Semi-finished, including sponge iron and billet, prices remained strong on account of rising coal prices. However, trade volumes were limited due to slow demand for finished steel.
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SteelMint’s price assessment (Region wise)
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