India’s induction furnace (IF) steel market witnessed prices edging downwards, while offers floated by mills plunged INR 1,500/tonne ($19) d-o-d on 1 Jun’22.
Sponge iron and billet prices dropped in the range of INR 200-1,000/t following a decline of INR 1,000/t in Hyderabad’s billet market.
Rebar (Fe 500) offers declined in the range of INR 500-1,500/t across regions. Prices fell in the Durgapur market by INR 1,500/t.
The market saw a fall in semi-finished and longs prices. Sellers slashed offers amid subdued buying throughout the day. Demand is expected to remain sluggish in the near term as coal prices are still on the higher side and the recently imposed export duties on several steel products are weighing the market down. Major buyers have adopred a cautious approach when it comes to bulk procurement.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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