India’s induction furnace (IF) steel market prices continued surging on 5 April, 2024, as offers floated by the mills increased in the range of INR 450-1,900/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices rose in the range of INR 450-1,050/t. The highest uptick was seen in the Odisha’s Jharsuguda market.
Billet prices increased in the range of INR 500-1,550/t. The sharpest rise was seen in the Mandi Gobindgarh market.
Rebar (Fe 500) offers surged in the range of INR 700-1,900/t, with the Raigarh market witnessing the sharpest rise.
Moderate trades were observed in the spot market today. Continuous surge in prices created panic among buyers, which led to the current scenario as buyers booked sufficient material amid anticipation of further rise in offers. Participants expect similar trend to continue in the near term.
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BigMint’s price assessment (Region wise)
