India’s induction furnace (IF) steel market witnessed downward price trends, while offers from the medium-sized mills declined up to INR 1,250/tonne ($16) d-o-d, on 3 May’22.
Sponge iron and billet prices fell in the range of INR 100-1,250/t after a sharp fall of INR 1,250/t in the billet market of Mandi Gobindgarh, Punjab.
Moreover, rebar (Fe 500) offers decreased in the range of INR 200-500/t across regions. Prices edged down in Durgapur, Raigarh and Muzaffarnagr markets to the tune of INR 500/t.
Trading remained limited throughout the day because of sluggish trends prevalent on Eid – a holiday. Sellers reduced offers as raw material prices declined amidst poor demand. Market participants are hoping that trades will resume in full swing in the next couple of days.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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