India’s induction furnace (IF) steel market witnessed a drop in prices today. Offers announced by the mills were reduced by INR 50-600/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices declined by INR 50-400/t. The major drop in Durgapur and Jharsuguda markets.
Billet prices decreased by INR 200-600/t across the regions except Chennai market which hiked by INR 500/t.
Rebar (Fe 500) offers declined by INR 100-400/t and the steepest fall was witnessed in Raigarh.
The steel market remains subdued with limited transactional activity. Buyers are cautious about purchasing materials at current price levels, preferring to adopt a wait-and-watch approach. Prices are expected to hover within the same range in the near term.
Click here for rebar brand-wise details
BigMint’s price assessment (region-wise)
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