India’s induction furnace (IF) steel market witnessed a mixed price trend on 17 April, 2024, as offers floated by the mills varied in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fluctuated in the range of INR 50-400/t. Prices in the Raigarh market went up by INR 400/t. Meanwhile, prices in Odisha’s Jharsuguda declined by INR 350/t.
Billet prices varied in the range of INR 100-600/t. Prices in Raigarh rose by INR 600/t. However, rates declined by INR 100/t in Mumbai.
Rebar (Fe 500) offers varied in the range of INR 100-400/t. Prices in Ahmedabad rose by INR 400/t. Meanwhile, prices declined by INR 250/t in Hyderabad.
Limited trading activities were observed in the market today as buyers chose to stay on the sidelines amid volatility in prices and resorted to need-based buying. However, sellers maintained higher offers as they have received moderate bookings over the past few days. As per market participants, similar market sentiments are likely to persist in the near term.
Click here for rebar brand-wise details
BigMint’s price assessment (Region wise)
