India’s induction furnace (IF) steel market witnessed subdued sentiment, with mill offers falling by INR 50-500/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-200/t d-o-d, with the highest drop of INR 200/t seen in Raigarh.
Billet tags declined by INR 100-500/t d-o-d, with the steepest fall of INR 500/t seen in Chennai.
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 Hyderabad and Raigarh.
Today dull buying enquiries were noticed in the spot market. Buyers adopted a wait-and-watch approach as prices have declined consistently over the past couple of days owing to sluggish demand in finished steel and heavy rains in some regions. Market participants are expecting that prices would remain under pressure depending upon inventory and previous bookings in by the mills.
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BigMint’s price assessment (region-wise)
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