India’s induction furnace (IF) steel prices plunged further on 13 May 2024. Offers announced by the mills decreased in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell by INR 50-550/t. The sharpest fall was seen in Odisha’s Jharsuguda market.
Billet prices varied in the range of INR 100-500/t.
Rebar (Fe 500) offers dropped by INR 200-600/t. The steepest fall was seen in Durgapur and Mandi Gobindgarh markets.
Market sentiments continued to remain gloomy today. Lack of buying interest in the current scenario compelled sellers to reduce offers. However, trading activities remained slow in spite of the drop in prices.
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BigMint’s price assessment (Region wise)
