India’s induction furnace (IF) steel market witnessed a downward trend today. Offers decreased by INR 50-700/tonne (t) d-o-d on 15 December, 2022.
Sponge iron offers dropped by INR 50-400/t. The highest decline was seen in central India’s Raipur market.
Meanwhile, billet prices fell in the range of INR 50-500/t across regions with the maximum fall seen in Mandi Gobindagarh.
Also, rebar (Fe 500) offers edged down by INR 100-700/t across regions. The highest drop of INR 700/t was seen in Chennai.
Overall, the market observed negative price trends and low trade volumes. Market sources are expecting semis prices to remain under pressure on account of the slight rise in inventories of both semis and finished long steel.
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SteelMint’s price assessment(Region wise)
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