India’s induction furnace (IF) steel market further witnessed supportive trends on 1 Mar’22. Offers of mid-sized mills increased by up to INR 2,600/tonne (t) ($34/t) d-o-d.
Sponge iron and billets prices increased in the range of INR 150-1,800/t, with a major hike observed in Mumbai’s (Maharashtra) billets market.
Rebar (Fe 500) offers also rose by INR 300-2,600/t across all regions, following a sharp rise of INR 2,600/t in Mumbai.
The overall market remained strong throughout the day. Due to continuous hike in raw material prices, any major price corrections are not expected in the coming days, participants reported to SteelMint.
On the other hand, in finished longs segment, moderate demand has been noticed.
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SteelMint’s price assessment (Region wise)
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