India’s induction furnace (IF) steel market saw moderate demand on 18 Apr’22 and offers from the mid-sized mills increased by up to INR 2,600/tonne (t) ($40) d-o-d.
Sponge iron and billet prices shot up in the range of INR 500-2,500/t, with a significant hike seen in Hyderabad, south India.
Rebar (Fe 500) offers surged INR 500-2,600/t across regions. However, the sharpest rise of INR 2,600/t was witnessed in Raipur and Goa.
The market saw subdued demand due to the sharp surge in prices today. Billet prices rallied on account of surging steel prices in north India along with the impact on production due to the ongoing power cuts.
Following the surge in billet prices, offers rose for all commodities, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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