India’s induction furnace (IF) steel market saw positive price trends. Meanwhile, offers quoted by the mills increased by up to INR 1,200/tonne (t) d-o-d.
Sponge iron prices edged up by INR 100-450/t. Prices rose by INR 450/t in Raigarh’s sponge iron market.
Billet prices increased in the range of INR 300-800/t. Prices increased by INR 800/t in Mumbai’s billet market today.
Rebar (Fe 500) offers increased in the range of INR 300-1,200/t. Prices increased in Muzaffarnagar by INR 1,200/t.
Overall, the semi-finished and finished long steel segments moved up today. Sellers raised offers on account of positive sentiments in the northern region. Spot trades were moderate ahead of the upcoming Holi festival which impacted material movement. Market participants are expecting that increasing prices will result in higher trade in finished steel in the coming days.
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SteelMint’s price assessment (Region wise)
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