- Need-based buying drags down prices
- Prices likely to remain under pressure
India’s induction furnace (IF) steel market witnessed subdued sentiments today, with mills’ offers falling by INR 50-300/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-250/t d-o-d, with the highest drop of INR 250/t seen in Raigarh and Durgapur.
Billet tags declined by INR 100-250/t d-o-d, with the steepest fall of INR 250/t observed in Raipur.
Rebar (Fe 500) prices decreased by INR 100-300/t d-o-d. The sharpest drop of INR 300/t was noted in Raigarh.
Today, dull buying inquiries were observed in the spot market. Buyers preferred to book material only on need basis. As a result, mills either reduced their offers or adjusted their trade discounts. Market participants expect prices to remain under stress, depending on inventory pressure and previous bookings by mills.
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BigMint’s price assessment (region-wise)
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