India’s induction furnace (IF) steel market saw moderate response at prevailing offers. Prices decreased by up to INR 550/tonne, d-o-d on 7 November 2022.
Sponge iron offers dropped by INR 150-450/t. The highest decline was seen in Bellary and eastern region’s Durgapur market.
Meanwhile, billets prices fell in the range of INR 100-550/t across regions with the maximum fall seen in Durgapur market.
Also, rebars (Fe 500) offers edged down by INR 200-500/t across regions. The highest drop was seen in Hyderabad and Rourkela markets.
The market saw volatility in semi-finished and finished long steel prices amidst moderate buying except in central and eastern regions where sufficient deals for semis – finished were reported. However, due to pile up inventories with mills, prices were under pressure.
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SteelMint’s price assessment (Region wise)
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