India’s induction furnace (IF) steel market prices edged lower on 23 April, 2024, as offers floated by the mills dipped in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped in the range of INR 50-300/t, with Bellary and Jharsuguda markets witnessing the sharpest drop.
Billet prices decreased in the range of INR 50-500/t. The steepest fall was seen in Rourkela and Hyderabad markets.
Rebar (Fe 500) offers declined in the range of INR 200-500/t.
Dull sentiment prevailed in the market today amid declining price trend. Lack of buying interest at the moment forced sellers to reduce offers in order to escalate sales. However, buyers remained majorly silent. As per market participants, prices might remain range-bound in the near term.
Click here for rebar brand-wise details
BigMint’s price assessment (Region wise)
