India’s induction furnace (IF) steel market witnessed price corrections, while offers from the medium-sized mills fell by up to INR 2,100/tonne ($27) d-o-d, on 24 May 2022.
Sponge iron and billets prices fell in the range of INR 200-2,100/t with a decrease of INR 2,100/t seen in Mandi Gobindgarh’s billet market.
Also, rebar (Fe 500) offers fell in the range of INR 300-1,300/t across regions. Prices slumped by INR 1,300/t in Mandi Gobindgarh.
The steel market is sluggish after the government revised duty structure in imports and exports. Sellers reduced offers amid limited enquiries from buyers. Market participants anticipate that this sluggish trend will continue this week as buyers will remain quiet surrounding the current volatility in steel prices.
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SteelMint’s price assessment (Region wise)
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