The induction furnace (IF) steel market witnessed positive trends in today’s trading session. Prices of semi-finished steel products of the mid-sized mills increased by up to INR 700/tonne (t) ($9/t) d-o-d.
Sponge iron and billet prices moved up by INR 100-700/t across the country following a major hike of around INR 600-700/t in Raipur and Hyderabad’s sponge iron market.
Moreover, re-bar (Fe 500 grade) prices increased by INR 100-400/t in many regions. However, prices rose by INR 400/t in Durgapur, eastern India.
Despite the supportive trends in the market, trading activity was limited to a few locations and except in the north-eastern regions demand for finished long products improved. In addition, re-rollers based in northern India are hoping the market to revive after the ban on construction activities in Delhi/NCR region is removed.
On the other hand, scrap shortage was reported at Mandi Gobindgarh, Punjab, due to which the furnace owners raised semis offers today.
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SteelMint’s price assessment (Region wise)
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