India’s induction furnace (IF) steel market remained weak on 14 December. Offers were floated lower by INR 100-500/tonne (t) d-o-d compared to the previous day.
Sponge iron offers dropped by INR 100-350/t. The highest decline was seen in the central region’s Raigarh market.
Meanwhile, billets prices fell in the range of INR 100-500/t across regions with the maximum fall seen in Hyderabad.
Also, rebars (Fe 500) offers edged down by INR 100-500/t across regions. The highest drop of INR 500/t was seen in the Mujaffarnagar markets.
There was a significant decline in offers of steel products and their raw materials in all key regions amid limited buying. Sellers are under pressure to liquidate inventories and hence are reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the coming days.
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SteelMint’s price assement (Region wise)
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