India’s induction furnace (IF) steel market witnessed bearish sentiments today, with mill offers falling by INR 50-550/tonne (t) d-o-d.
Sponge iron prices decreased by INR 50-200/t d-o-d. Prices dropped sharply in Chennai by INR 200/t.
Billet tags decreased by INR 100-200/t d-o-d, with the highest drop of INR 200/t seen in Hyderabad, and increased INR 250/t at Raigarh.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices dropped sharply in Rourkela by INR 500/t.
There was limited buying activity in the spot market today, as participants took a cautious wait-and-see approach, awaiting further clarity on the market’s direction. As a result, prices experienced a downward trend.
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BigMint’s price assessment (region-wise)
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