India’s induction furnace (IF) steel market prices rose sharply today as offers floated by the mills increased in the range of INR 100-650/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices increased in the range of INR 100-500/t, with the Jharsuguda market witnessing the sharpest hike.
Billet prices increased in the range of INR 150-650/t. The sharpest rise was seen in the Durgapur market.
Rebar (Fe 500) offers increased in the range of INR 200-500/t, with the Hyderabad market witnessing the sharpest hike.
The overall market witnessed moderate buying inquiries today. Slight improvement was seen in trade activities owing to increase in raw material prices (sponge iron and billet). Considering today’s market scenario, sellers started quoting higher offers. Participants are expecting that prices might fluctuate in the near term.
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BigMint’s price assessment (Region wise)
