- Buyers remain majorly silent
- Sellers avoid any further hike
India’s induction furnace (IF) steel prices increased slightly on 17 May 2024. Offers announced by the mills inched up in the range of INR 100-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose by INR 100-500/t, with the Jharsuguda market witnessing the highest uptick.
Billet prices increased in the range of INR 100-500/t. The sharpest rise was noticed in Hyderabad market.
Rebar (Fe 500) offers increased in the range of INR 100-500/t. The sharpest rise was seen in Durgapur and Hyderabad markets.
The buyers remained majorly silent today as sellers raised offers post-sufficient buying activities yesterday. However, due to dull market sentiment, sellers avoided any further hike in order to maintain positive market scenario. Currently, market participants await clarity on the trend as constant fluctuations are being observed in prices.
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BigMint’s price assessment (Region wise)