India’s induction furnace (IF) steel market saw prices entering negative territory as offers floated by the mills decreased by up to INR 400/tonne (t) d-o-d on 19 August, 2022.
Sponge iron prices fell in the range of INR 50-250/t. Prices decreased in Bellary’s sponge iron market by INR 250/t.
Billet prices dropped in the range of INR 100-300/t, with prices falling by INR 300/t in Mandi Gobindgarh.
Also, rebar (Fe 500) offers dropped in the range of INR 100-400/t across regions. Prices moved down in Jalna and Muzaffarnagar by INR 400/t.
Due to Janmashtami festival today trades almost dried up in several regions and very low volumes were heard across markets. As steel demand still remains limited during the monsoon prices are expected to be under pressure, sources informed.
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SteelMint’s price assessment (Region wise)
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