India’s induction furnace (IF) steel market witnessed a downtrend in prices, while offers floated by the mills declined up to INR 1,200/tonne d-o-d, on 17 November, 2022.
Sponge iron prices fell by INR 150-1,000/t. Prices declined in Raipur, Raigarh and Bellary by INR 1,000/t.
Billet prices fell in the range of INR 250-1,200/t. Prices fell by INR 1,200/t in Jalna’s billet market.
Also, rebar (Fe 500) offers edged down in the range of INR 300-1,200/t across regions. Prices witnessed a maximum drop of around INR 1,200/t in Mandi Gobindgarh and Raigarh.
The trend of continuous decline in prices being observed over the last few days was evident today, too. Sellers reduced offers with the hope of clearing inventories but buyers remained muted and only moderate trade volumes were seen today. Fast-declining prices created panic among sellers who are contemplating whether to opt for production cuts in the coming days, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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