India’s induction furnace (IF) steel market witnessed negative price trends, while offers floated by the mills decreased by up to INR 700/tonne (t), d-o-d, on 17 August, 2022.
Sponge iron prices fell in the range of INR 100-600/t. Prices decreased in Raigarh’s sponge iron market by INR 600/t.
Billet prices dropped in the range of INR 300-550/t. Prices fell by INR 550/t seen in Raipur’s billet market.
Also, rebar (Fe 500) offers edged down in the range of INR 100-700/t across regions. Prices fell in the Durgapur market by INR 700/t.
Overall, the market witnessed a downfall in terms of offers and prices. Semi-finished steel prices kept decreasing today on low demand. Finished longs prices also fell in the northern, eastern and central regions, while in other parts of the country prices were stable.
Trades were limited today with declining prices in the northern region, which limited spot trades and led to softening in offers at major locations. The outlook remains hazy for market participants and hence they are waiting before taking positions for future bookings, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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