- Sponge, billet prices climb up; rebar tags decline
- Rebar trade discounts raised due to ample inventories
India’s induction furnace (IF) steel market witnessed mixed trends today, with fluctuations of INR 50-700/tonne (t) d-o-d across markets.
Sponge iron price tags increased by INR 50-150/t d-o-d, with the highest rise of INR 150/t seen in Ramgarh.
Billet tags increased by INR 50-200/t d-o-d, with the maximum rise of INR 200/t recorded in Mandi Gobindgarh and Hyderabad, However, prices declined by INR 250/t in Rourkela.
Rebar (Fe 500) prices decreased by INR 100-700/t d-o-d, with the steepest fall of INR 700/t seen in Jalna.
Today, there was a slight improvement in buying activity in the spot market, which varied region-wise. However, in the finished segment, as mills held ample stocks, they increased trade discounts to liquidate material. As per market participants, prices are likely to be range-bound in the near term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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