- Moderate trade observed amid rising prices
- Prices likely to be range-bound in near term
India’s induction furnace (IF) steel prices largely increased today, with offers floated by mills mostly rising by INR 150-700/tonne (t) d-o-d.
Sponge iron prices fluctuated by INR 150-350/t d-o-d. The highest increase of INR 350/t was seen in Bellary and Ramgarh clusters.
Billet tags varied by INR 100-500/t d-o-d. The steepest uptick of INR 500/t was seen in Ahmedabad.
Rebar (Fe 500) offers increased by INR 100-700/t d-o-d and the major hike were seen in Hyderabad region.
Today, moderate trade activity was seen amid rising prices. Procurement continued at a steady pace from the previous trading session, which encouraged mills to lift offers. This ultimately led to an uptrend in prices of raw materials as well as finished long products. As per participants, prices are likely to hover within this range.
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BigMint’s price assessment (region-wise)
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