India’s induction furnace (IF) steel prices saw mixed response on 31 July, 2024. Offers announced by the mills fluctuated by INR 100-700/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices saw a fall of INR 100-300/t with the sharpest drop in Durgapur market.
Billet prices fell by INR 200-700/t across the regions except in Chennai which increased by INR 700/t.
Rebar (Fe 500) offers fluctuated in the range of INR 100-500/t. The sharpest fall was noticed in Hyderabad market by INR 500/t. Meanwhile, offers increased in Chennai market by INR 300/t.
The activity in the spot market remained at a slow pace today. Yesterday, there were moderate bookings, leading to need-based buying d-o-d. According to participants, the market is expected to move within the same range.
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