India’s induction furnace (IF) steel market saw negative price trends across all product categories. Offers decreased in the range of INR 50-800/tonne (t) d-o-d on 9 January, 2023.
Sponge iron offers dropped by INR 50-350/t. The highest decline was seen in the central regions Raipur market.
Meanwhile, billets prices fell in the range of INR 100-500/t across regions with the maximum fall seen in the Jalna market.
Also, rebars (Fe 500) offers slid by INR 200-800/t across regions. The highest drop of INR 800/t was seen in the Muzaffarnagar market.
The IF-route steel market saw cautious buying sentiments amid the fall in prices. Participants said that buyers have sufficient material in hand and they are expecting prices to fall further as less active trade is being noticed at the current offers.
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SteelMint’s price assessment (Region wise)
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