India’s induction furnace (IF) steel market witnessed subdued sentiment, with mill offers falling by INR 100-550/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-550/t d-o-d, with the highest drop of INR 550/t seen in Ramgarh.
Billet tags declined by INR 100-500/t d-o-d, with the steepest fall of INR 500/t seen in Hyderabad.
Rebar (Fe 500) prices decreased in the range of INR 100-500/t d-o-d. The sharpest drop of INR 500/t was seen in Jalna and Ahmedabad.
The steel market saw a significant decline in offers across regions amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short term.
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BigMint’s price assessment (region-wise)
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