India’s induction furnace (IF) steel market saw weak activity during the first half today, while enquiries improved in the late hours. However, despite a slight improvement in sales, prices of semis and finished steel fell in the range of INR 100-1,000/tonne (t) d-o-d on 31 October, 2022.
Sponge iron prices in most regions declined by INR 150-350/t. Prices witnessed a major drop of INR 350/t in Ramgarh, Jharkhand sponge iron market.
Billet offers dropped by INR 100-500/t. The highest decline of INR 500/t was seen in the Mumbai and Hyderabad billet market.
Rebar (Fe 500) offers decreased by INR 100-1,000/t, with a major decline of INR 1,000/t seen in Raigarh.
Market participants who had run out of inventory started taking positions during the second half today. However, due to piled-up stocks with manufactures, prices remained on negative zone.
SteelMint also learnt from sources that due to delayed payments during the festive holidays the pace of lifting of material continued to remain slow.
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SteelMint’s price assessment (Region wise)
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