India’s induction furnace (IF) steel prices edged lower on 16 July 2024. Offers announced by the mills fluctuated by INR 100-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell by INR 200-300/t across regions, except marginal hike seen in Ramgarh market by INR 50/t.
Billet prices fell by INR 100-500/t across regions except in Jalna where prices slight increased by INR 100/t.
Rebar (Fe 500) offers decreased in the range of INR 100-400/t, with the steepest fall seen in the Raigarh market.
Spot market movements continued to remain at slow pace today. Sellers lowered offers further and were offering trade discounts. Need-based buying was witnessed and, as per sources, the market may remain rangebound in the near term.
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