India’s induction furnace (IF) steel market witnessed negative price trends, while offers across mills decreased by up to INR 700/tonne d-o-d on 18 August.
Sponge iron prices fell by INR 150-500/t. Prices decreased in Durgapur’s sponge iron market by INR 500/t.
Billet prices dropped by INR 300-700/t. Prices fell by INR 700/t in Chennai’s billets market.
Also, rebar (Fe 500) offers edged down in the range of INR 200-600/t across regions. Prices were down in Raipur and Rourkela markets by INR 600/t.
Markets remained mostly down in the first half due to low buying but later recovered in the second half in the northern region due to scrap shortage. Meanwhile, participants believe that prices will remain under pressure in the coming days as demand for finished steel is still low.
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SteelMint’s price assessment (Region wise)
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