India’s induction furnace (IF) steel market witnessed a downward price trend, while offers from the medium-sized mills fell by up to INR 700/tonne (t) d-o-d on 13 October 2022.
Sponge iron offers dropped by INR 50-200/t. Moreover, billets prices dropped in the range of INR 50-700/t across regions with the maximum fall of INR 700/t seen in the Hyderabad billets market.
In addition, rebars (Fe 500) offers edged down in the range of INR 200-700/t across regions. Prices saw a major drop of INR 700/t in the central region’s Raigarh market.
Trades were limited to average today in the major locations on declining prices. Outlook remains unclear among participants. Hence, they are waiting to take positions for future bookings, SteelMint noted.
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SteelMint’s price assement (Region wise)
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