- Buyers turn cautious, limited trading observed
- Approaching Holi likely to keep trades subdued
India’s induction furnace (IF) steel market witnessed dull sentiments today, as offers floated by mills decreased by INR 50-400/tonne (t) d-o-d.
Sponge iron offers fluctuated by INR 50-200/t d-o-d. The highest decline of INR 200/t was seen in the Durgapur market, whereas in Bellary, a slight increase of INR 50/t was witnessed.
Billet tags edged down by INR 100-400/t. The steepest drop of INR 400/t was seen in Ahmedabad.
Rebar (Fe 500) offers edged down by INR 100-400/t across regions. Muzaffarnagar witnessed the sharpest drop of INR 400/t. Conversely, prices increased by INR 300/t in Jalna.
Overall, the market saw a decline in terms of offers and prices. Limited trading was observed, as buyers adopted a wait-and-watch mode, awaiting further clarity on market direction. With the Holi festival approaching, trading activity may remain subdued in the near term due to labour shortages and logistics issues.
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BigMint’s price assessment (region wise)
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