India’s induction furnace (IF) steel prices witnessed a mixed trend on 7 May, 2024. Offers announced by the mills fluctuated in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fell in the range of INR 50-300/t. The sharpest drop was seen in the Durgapur market.
Billet prices varied in the range of INR 50-500/t.
Rebar (Fe 500) offers varied in the range of INR 200-500/t. Prices in Chennai increased by INR 500/t. However, the same dropped by INR 300/t in the Raigarh market.
The market sentiment remained dull today as trading activities were slow. Buyers remained cautious amid constant fluctuation in prices. Market participants expect such volatility in prices to persist in the near term.
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BigMint’s price assessment (Region wise)