India’s induction furnace (IF) steel market witnessed a downward trend in prices, while offers from mills of varying capacities decreased up to INR 2,100/tonne ($27) d-o-d on 26 May’22.
Sponge iron and billet prices fell in the range of INR 150-1,000/t following a decrease of INR 1,000/t seen in Jalna’s billet market (western India).
Also, rebar (Fe 500) offers dropped in the range of INR 500-2,100/t across regions. Prices edged down in the Raigarh market in central India by INR 2,100/t.
The market saw prices falling across regions. Semi-finished and finished steel offers edged down due to the lack of enquiries from buyers. Coal prices are declining, especially South African-origin RB2 coal, amid sluggish trends in steel demand.
Market participants remain cautious about taking positions which is putting further pressure on steel prices, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
Leave a Reply