India’s induction furnace (IF) steel prices continued the downward movement on 20 June, 2024. Offers announced by the mills declined by INR 200-1,000/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices decreased by INR 200-500/t, with Raigarh market witnessing the sharpest decrease.
Billet prices plunged by INR 200-1,000/t. The steepest fall was seen in the Hyderabad market.
Rebar (Fe 500) offers dropped in the range of INR 200-500/t.
Limited trades were observed in the spot market today as buyers purchased material as per need only. Sellers reported minor improvement in bookings across some regions at lowered offers. As per the participants, such volatility in prices may persist in the near-term.
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BigMint’s price assessment (Region wise)
