- Mills raise offers despite minimal inquiries
- Prices likely to be range-bound in near term
India’s induction furnace (IF) steel prices increased today, with mills raising offers by INR 100-700/tonne (t) d-o-d.
Sponge iron offers climbed up by INR 150-400/t d-o-d, with the steepest rise of INR 400/t taking place in the Ramgarh market.
Billet tags increased by INR 100-600/t d-o-d across locations, with the sharpest hike seen in the Ramgarh region except in Raipur where prices inch down by INR 50/t.
Rebar (Fe 500) tags moved up by INR 100-700/t d-o-d. Prices rose the highest in Durgapur, by INR 700/t.
Today, the market witnessed a lack of inquiries. Mills tried to push prices up, but minimal transactions were observed at the current values, though this varied according to location. However, mills faced no such selling pressure in the spot market, as a hefty volume of bookings had been secured in the last couple of days. Prices are likely to move in the same range.
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BigMint’s price assessment (region-wise)
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