The induction furnace (IF) steel market witnessed poor demand and thin trading on 17 Dec’21. Prices of semi-finished steel products of the mid-sized mills declined by up to INR 600/tonne (t) ($8/t) d-o-d.
Indian semi-finished steel (including sponge iron and billet) offers decreased by INR 50-500/t. A major correction of INR 500/t was seen in Chennai’s billet market (southern region).
Moreover, re-bar prices declined by INR 100-600/t. However, a hike of INR 300-600/t was observed in Hyderabad and Delhi.
As trades remain limited, the suppliers are worried as they feel selling pressure would increase if demand remains weak for a couple of more days, SteelMint notes.
Unlike yesterday, mills were forced to reduce prices today, although buying interest remained limited.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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