India’s induction furnace (IF) steel market witnessed negative price trends, while offers floated by the mills decreased by up to INR 700/tonne (t), d-o-d, on 23 August, 2022.
Sponge iron prices fell in the range of INR 220-700/t. Prices decreased in Jharsuguda’s by INR 700/t.
Billet prices dropped in the range of INR 200-500/t. Prices fell by INR 500/t in Chennai and Hyderabad.
Also, rebar (Fe 500) offers dropped in the range of INR 100-700/t across regions. Prices fell in Mandi Gobindgarh by INR 700/t.
Overall, the market saw a decline in prices across regions. Semi-finished steel prices dropped initially but recovered due to active demand later in the day. Finished long steel prices also witnessed moderate to slight improvement in trades in the central and eastern regions of the country.
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SteelMint’s price assessment (Region wise)
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