India’s induction furnace (IF) steel market saw negative price trends today, while offers floated by the mills decreased by up to INR 300/tonne d-o-d.
Sponge iron prices fell by INR 50-300/t on 16 September. Prices witnessed a fall in Bellary’s sponge iron market by INR 300/t.
Billet prices fell in the range of INR 100-300/t. Prices dropped INR 300/t in Mandi Gobindgarh.However, a rise of INR 200/t seen in Jalna’s billet market.
Also, rebar (Fe 500) offers decreased in the range of INR 100-300/t across regions. Prices edged down in Durgapur by INR 300/t.
In all, the market witnessed a drop in semi finished and finished long steel prices. Sellers are under pressure as demand remained low throughout the day with few trades witnessed today. As tomorrow is Vishwakarma Puja, trades and prices are expected to remain on the lower side, as per market sources.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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