- IF route steel prices rose INR 50-600/t
- Selling pressure on mills remains low
India’s induction furnace (IF) steel prices increased today, with mills raising offers by INR 50-600/tonne (t) d-o-d.
Sponge iron offers raised by INR 100-300/t d-o-d, with a steep rise of INR 300/t in the Hyderabad and Ramgarh markets.
Billet tags increased by INR 50-500/t d-o-d across the locations and the major hike were seen in Chennai market.
Rebar (Fe 500) tags moved up by INR 100-600/t d-o-d. Prices rose the highest in Rourkela, by INR 600/t.
Today, limited buying activities was seen amid higher prices. A hefty volume of trades had already been over the last couple of days. However, mills faced lower selling pressure, as they have future bookings with them. As per participants, these levels are likely to be sustained in the near term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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