India’s induction furnace (IF) steel market noticed mixed trends and offers varied in the range of INR 50-500/tonne (t) d-o-d on 19 October 2022.
Sponge iron prices surged by INR 50-200/t following a maximum increase of INR 200/t observed in the central region’s Raipur and Raigarh sponge iron markets.
Billets prices fluctuated by INR 100-500/t across the regions. Prices saw a hike of INR 300/t in the Mumbai billets market. However, a major price drop of INR 500/t was noticed in the Chennai market.
Also, rebar (Fe 500) offers varied by INR 100-300/t with a price fall of INR 300/t seen in Bangalore and Raipur markets. However, a hike of INR 300/t was observed in Mujaffarnagar and Durgapur markets.
Trading remained limited throughout the day because of sluggish trends prevalent due to the upcoming Diwali holidays. Sellers reduced offers as raw material prices declined amidst poor demand. Market participants are hoping that trades will resume in full swing after the festive season.
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SteelMint’s price assement (Region wise)
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