The induction furnace (IF) steel market witnessed a decline in prices on 21 Dec’21. Prices of semi-finished steel products of the mid-sized mills dropped by up to INR 700/tonne (t) ($9/t) d-o-d.
Sponge iron and billet offers decreased by INR 50-600/t across the country, with a major fall of INR 600/t seen in the central, eastern and southern regions.
Moreover, re-bar (Fe-500 grade) prices declined by INR 200-700/t, falling sharply by INR 700/t in Raigarh, central India.
The market witnessed selling pressure in the finished long steel segment as mills sought to liquidate inventory but buying interest remained weak in today’s trade.
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SteelMint’s price assessment (Region wise)
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