The domestic induction furnace (IF) steel market witnessed mixed trends on 28 Dec’21. Prices of secondary steel products of the mid-sized mills fluctuated within a wide range of INR 50-900/tonne (t) d-o-d.
Sponge iron and billet prices witnessed fluctuations across the country. A major fall of INR 900/t was seen in Raipur’s billet market (central India).
Moreover, re-bar (Fe 500 grade) prices increased by INR 300-500/t in most locations, whereas a decline of INR 200-600/t was observed in Rourkela, Raigarh and Raipur.
The overall sentiment today was not positive as limited trades were recorded, with buyers turning cautious due to significant hike in prices in the last few days. Supply, however, remained healthly as exports volumes fell.
Trade sources informed that semis and finished steel prices would soften further as demand continues to remain sluggish on prevailing offers. Also, bids remain lower than floated offers.
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SteelMint’s price assessment (Region wise)
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