India’s induction furnace (IF) steel market witnessed positive sentiments today, with mills’ offers increasing by INR 100-250/tonne (t) d-o-d.
Sponge iron prices increased by INR 100-250/t d-o-d, with the highest increase of INR 250/t seen in Raipur.
Billet tags increased by INR 100-200/t d-o-d, with the steepest rise of INR 200/t seen in Raipur. Except in Chennai Rourekla, and Hyderabad, which witnessed a fall of INR 100-300/t.
Rebar (Fe 500) prices increased in the range of INR 100-200/t d-o-d. The sharpest rise of INR 200/t was seen in Rourkela and Raigarh. Except in Durgapur, which witnessed a fall of INR 200/t
Today, limited trade activities were seen due to increased prices of raw materials across regions. Buyers procured material to fulfil immediate requirements. Still there is lack of momentum in the finished steel segment which is consistently pressurising sellers to adjust trade discounts. However, as per market participants, prices are likely to remain rangebound in the near term.
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BigMint’s price assessment (region-wise)
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