India’s induction furnace (IF) steel market witnessed negative price trends, while offers floated by mills fell up to INR 1,500/tonne d-o-d, on 22 November, 2022.
Sponge iron prices decreased by INR 200-1,000/t. Prices witnessed a fall in Raipur and Rourkela’s sponge iron market by INR 1,000/t.
Billet prices edged down in the range of INR 500-1,500/t. Prices noticed a sharp fall of INR 1,500/t in Raipur.
Also, rebar (Fe 500) offers dropped in the range of INR 300-1,500/t across regions. Prices fell in the Raigarh market by INR 1,500/t.
Semi-finished steel prices witnessed a fall in all regions as demand remained sluggish throughout the day. Spot trades were lower because of falling prices in both semis and finished longs. Steel demand has not improved as such to support prices post export duty removal by the government, SteelMint notes.
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SteelMint’s price assessment (Region wise)
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