India’s induction furnace (IF) steel market witnessed subdued sentiment, with mills’ offers falling by INR 100-500/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-300/t d-o-d, with the highest drop of INR 300/t seen in Ramgarh.
Billet tags declined by INR 100-300/t d-o-d, with the steepest fall of INR 300/t seen in Mumbai and Rourkela.
Rebar (Fe 500) prices decreased in the range of INR 100-500/t d-o-d. The sharpest drop of INR 500/t was seen in Ahmedabad.
The market saw a significant decline in offers across regions amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short-term.
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BigMint’s price assessment (region-wise)
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