India’s induction furnace (IF) steel market witnessed positive price trends, while offers across mills increased by up to INR 900/tonne d-o-d on 23 December, 2022.
Sponge iron prices rose by INR 100-900/t. Prices saw a hike in Jharsuguda’s sponge iron market by INR 900/t.
Billets prices also increased in the range of INR 300-650/t. Prices saw a rise of INR 650/t seen in Raigarh market today.
Also, rebars (Fe 500) offers increased in the range of INR 100-700/t across regions. Meanwhile, prices saw a rise in Durgapur market by INR 700/t.
Overall, market witnessed a price hike in most of the regions due to correction seen in the northern region. Sellers raised offers on account of positive trend and an active participation by buyers today. Spot trades were improved in central and eastern regions while rest of the regions recorded moderate trades. Demand of finished steel is expected to improve as today buying activity boosted market trend in a positive way for coming days, SteelMint noted.
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SteelMint’s price assessment (Region wise)
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