India’s induction furnace (IF) steel market witnessed prices climbing higher on 28 Feb’22 and offers from the mid-sized mills increased by up to INR 2,800/tonne (t) ($37) d-o-d.
Sponge iron and billet prices increased in the range of INR 850-2,050/t, with a major hike of INR 2,050/t observed in Raigarh and Durgapur’s billet market.
Rebar (Fe 500) offers rose by INR 700-2,800/t across regions, following a sharp rise of INR 2,800/t in Raigarh, central India.
The Russia-Ukraine conflict has triggered panic in the market as the international supply chain is expected to remain disturbed. As a result, coal prices are heading north.
Market participants informed SteelMint that a few major buyers are involved in future bookings to safeguard the position post Holi in the middle of March.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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