India’s induction furnace (IF) steel market followed a downward price trend across commodities today. Mills’ offers dropped by up to INR 450/tonne (t) compared to the previous trading session.
Sponge iron prices decreased in the range of INR 100-300/t with the highest fall seen in the Raigarh and Jharsuguda markets.
Billet prices fell in the range of INR 100-450/t. The highest drop was seen in Raipur.
Rebar (Fe 500) offers also fell by INR 100-200/t with the Raipur and Durgapur markets witnessing the highest drop.
The market experienced a notable decline in offers across all regions due to limited buying. Sellers are under pressure to clear inventories by lowering prices. As a result, with increasing inventory levels and weak spot demand, market sources expect prices to remain under pressure in the near term.
Click here for rebar brand-wise details
BigMint’s price assessment (Region wise)
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