India’s induction furnace (IF) steel market saw active trading on 21 Mar’22 as offers from the mid-sized mills increased by up to INR 3,100/tonne (t) ($40) d-o-d.
Sponge iron and billet prices shot up in the range of INR 800-3,100/t, with a significant hike seen in Gujarat, western India.
Rebar (Fe 500) offers surged INR 800-2,500/t across regions. However, the sharpest rise of INR 2,500/t was witnessed in Mandi Gobindgarh and Muzaffarnagar in north India and Durgapur in eastern India.
The market saw demand remaining average amid the sharp surge in prices today. In the central region, ingot and billet production was somewhat disrupted due to the ongoing power cuts in Raigarh, Chhattisgarh.
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