India’s induction furnace (IF) steel witnessed an uptick in prices on 16 May 2024. Offers announced by the mills increased in the range of INR 100-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose by INR 100-4oo/t. The sharpest rise was seen in the Ramgarh market.
Billet prices increased in the range of INR 100-600/t, with the Raigarh market witnessing the sharpest rise.
Rebar (Fe 500) offers increased in the range of INR 100-500/t across all the regions, except for the Jalna market where, a price drop of INR 100/t was noticed.
Average trading activities were observed today as market sentiment improved a little. Buyers became active and procured sufficient material in the anticipation of rise in prices. Market participants expect such volatile trend to continue in the near-term.
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BigMint’s price assessment (Region wise)