India’s induction furnace (IF) steel market witnessed dull sentiments prevailing today, as offers floated by the mills decreased in the range of INR 50-600/tonne d-o-d.
Sponge iron offers dropped by INR 100-450/t. The highest decline of INR 300/t was seen in the Durgapur market.
Moreover, billet offers edged down in the range of INR 200-450/t. The major price drop of INR 450/t was seen in Durgapur in eastern India.
Also, rebar (Fe 500) offers edged down in the range of INR 100-600/t across regions. Prices witnessed a significant drop of INR 600/t in the Delhi market.
The market today saw negative price trends amid low trades. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.
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SteelMint’s price assement (Region wise)
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