India’s induction furnace (IF) steel market prices continued following the downward movement on 24 April, 2024, as offers floated by the mills plunged in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped in the range of INR 200-450/t, with Odisha’s Jharsuguda market witnessing the sharpest drop.
Billet prices decreased in the range of INR 50-500/t. The steepest fall was seen in Ramgarh market.
Rebar (Fe 500) offers declined in the range of INR 200-600/t. The sharpest drop was seen in the Raigarh market.
The market sentiment continued to remain sluggish today. Limited buying enquiries from buyers’ end led to a further correction in prices. Market participants expect prices to remain volatile in the near-term owing to a lack of clarity at the moment.
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BigMint’s price assessment (Region wise)
