India’s induction furnace (IF) steel market saw negative price trends as offers floated by the mills dropped in the range of INR 100-300/tonne (t) d-o-d on 24 May, 2024.
Sponge iron prices fluctuated by INR 100-300/t with the Raipur market witnessing the highest drop.
Billet prices dropped in the range of INR 100-200/t. The highest drop was seen in Mumabai and Mandi Gobindgarh.
Rebar (Fe 500) offers fell by INR 100-200/t. The highest drop was seen in the Chennai market.
Slow demand has been observed across semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and an overall bearish outlook.
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BigMint’s price assessment (Region wise)
