- Weak demand ahead of Holi keeps buyers inactive
- Need-based buying expected in near term
Indian induction furnace steel prices fell sharply today, as mills cut offers across regions.
Sponge iron prices declined by INR 50-400/t d-o-d, with the steepest drop of INR 400/t recorded in Ramgarh, where prices reached INR 25,000/t.
Billet prices dropped in the range of INR 100-350/t d-o-d across locations. The highest decrease of INR 350/t was seen in Ramgarh, with prices settling at INR 40,000/t.
Rebar (Fe 500) prices fell by INR 100-700/t d-o-d. The highest drop was observed in Hyderabad where prices decreased by INR 700/t to INR 47,300/t.
Subdued buying interest prevailed in the market today ahead of Holi holidays. Buyers remained inactive which led to minimal movement in the spot market. Participants expect need-based buying to continue in the coming week, which will weigh on prices.
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