India’s induction furnace (IF) steel market witnessed downward price trends, while offers from the medium-sized mills declined up to INR 1,500/tonne ($19) d-o-d, on 4 May’22.
Sponge iron and billet prices fell in the range of INR 100-1,000/t following a sharp fall of INR 1,000/t in Mandi Gobindgarh, Chennai and Hyderabad’s billet market.
Also, rebar (Fe 500) offers decreased in the range of INR 100-1,500/t across regions. Prices edged down in Muzaffarnagar by INR 1,500/t.
Overall, the market observed negative trends throughout the day. Sellers decreased offers, while less-than-average buying interest was observed in the market, which seems to be putting further pressure on prices, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
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