India’s induction furnace (IF) steel market prices continued moving in a downward direction on 2 February, 2024, across regions as offers floated by the mills dropped in the range of INR 100-250/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell in the range of INR 100-250/t, with the Raipur market witnessing the steepest fall.
Billet prices declined in the range of INR 100-200/t. The sharpest drop was seen in the Raipur and Mandi(Gobindgarh) market.
Rebar (Fe 500) offers decreased slightly in the range of INR 100-200/t across all regions.
Minimal movement was observed in the spot market today owing to subdued buying interest. Buyers remained majorly silent due to lack of clarity in the market direction.
Click here for rebar brand-wise details.
BigMint’s price assessment (Region wise)
