India’s induction furnace (IF) steel market witnessed negative price trends. Offers across mills decreased by up to INR 500/tonne d-o-d on 24 February, 2023.
Sponge iron prices decreased by INR 150-450/t. Prices saw a fall in Raipur’s sponge iron market by INR 450/t.
Billets prices edged down in the range of INR 250-500/t. Prices declined by INR 500/t in Chennai and Hyderabad’s billets markets today.
Also, rebars (Fe 500) offers decreased in the range of INR 200-500/t. Prices dropped in most of the regions like Raipur, Mumbai, Durgapur and Hyderabad markets with INR 500/t.
Overall, market witnessed a fall in both semi-finished and finished long prices in terms of prices and offers. Spot trades were moderate with buyers avoiding bulk bookings. The northern region saw bearish sentiments that kept market on the lower side. Participants were expecting a positive demand in finished steel sales. However, that did not happen in last few days, sources informed SteelMint.
Click here for re-bar brand wise details
SteelMint’s price assessment (Region wise)
Leave a Reply