India’s induction furnace (IF) steel market witnessed offers from the mid-sized mills decline by up to INR 600/tonne (t) ($8/t) d-o-d on 9 Feb’22.
Sponge iron and billet prices decreased by INR 100-600/t; however a major drop was seen in the sponge iron market in Durgapur, eastern India.
Rebar (Fe 500) offers fell in the range of INR 100-600/t, whereas a slight hike of INR 200/t was recorded in Muzaffarnagar.
Overall, the market remained dull due to low trading activity. Market participants reported that prices corrected today due to weak demand.
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SteelMint’s price assessment (Region wise)
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