India’s induction furnace (IF) steel market witnessed negative price trends today. Offers from the mid-sized mills decreased in the range of INR 200-900/tonne (t) d-o-d on 5 Sep, 2022.
Sponge iron prices in most regions declined by INR 400-800/t. The maximum price decline of INR 800/t was seen in the Jharsuguda market in the eastern region.
Billet prices dropped in the range of INR 300-600/t across regions with the major price droped of INR 600/t was noticed in Rourkela and Mandi Gobindgarh billet market. However, a slight hike of INR 200/t was seen in Chennai Market.
Rebar (Fe 500) offers fell in the range of INR 200-900/t across regions. Prices fell in the Muzaffarnagar market by INR 900/t.
The market saw a sharp decline in semi-finished and finished long steel prices. Trading activity turned slow due to highly volatile sentiments.
A majority of market participants refrained from taking positions and are waiting for prices to stabilise.
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SteelMint’s price assessment (Region wise)
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