India’s induction furnace (IF) steel market witnessed an upward trend in prices today. Offers floated by the mills rose by INR 500/tonne (t) d-o-d on 13 August, 2024.
Sponge iron prices edged up by INR 100-200/t. Prices rose by INR 200/t in the Hyderabad and Durgapur markets.
Billet prices increased by INR 100-500/t. The Jalna market saw an increase of INR 500/t today.
In addition, rebar (Fe 500) offers rose in the range of INR 100-400/t. with the sharpest hike seen in the Mujaffarnagar by INR 400/t d-o-d.
Overall, the semi-finished steel market witnessed a slight hike in offers following the hike in finished steel offers in different regions. Only need-based buying was observed in the market and so trade volumes were moderate as buyers remained cautious about bulk bookings.
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BigMint’s price assessment (Region wise)
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