The domestic induction furnace (IF) steel market witnessed a sharp rise in prices on 24 Jan’22. Steel prices of the mid-sized mills surged by INR 1,000/tonne (t) ($13/t) d-o-d.
Sponge iron and billet offers increased in the broad range of INR 50-1,000/t in major markets. A sharp hike of around INR 850-1,000/t was observed in central India including the Raipur and Raigarh markets.
Re-bar (Fe 500) prices moved up by INR 100-900/t in most locations across the country. The overall market remained supported today due to firm raw materials prices, especially coal prices.
On the other hand, moderate demand was observed for finished long steel products.
Market participants reported that rebar demand slowed down on rising offers today and selling pressure may be seen in the coming days.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
Leave a Reply