India’s induction furnace (IF) steel market witnessed subdued sentiments, with mill offers falling by INR 100-300/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-200/t d-o-d, with the highest drop of INR 200/t seen in Ramgarh.
Billet tags declined by INR 100-300/t d-o-d, with the steepest fall of INR 300/t recorded in Raigarh.
Rebar (Fe 500) prices decreased by INR 100/t across the regions d-o-d.
Today, dull buying enquiries in the spot market kept sentiments subdued. Buyers adopted a wait-and-watch attitude when it came to concluding deals as prices have been on the decline over the last five days owing to sluggish demand in finished steel segment. Market participants are of the view that prices would remain under pressure in the near term.
BigMint’s price assessment (region-wise)
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