India’s induction furnace (IF) steel market witnessed sluggish trading activity today, and mills reduced offers by INR 100-500/tonne (t) d-o-d.
Sponge iron offers dropped by INR 100-250/t d-o-d, with prices dropping INR 250/t d-o-d in the Ramgarh and Raigarh markets.
Billet tags decreased by INR 100-300/t d-o-d with prices in Chennai dropping by INR 300/t.
Rebar (Fe 500) tags moved down by INR 100-500/t d-o-d. Prices dropped the highest in Jalna and Hyderabad by INR 500/t.
Today, fewer enquiries in the spot market were heard and prices which had edged up in yesterday’s trading session could not gain momentum due to subdued domestic demand. Also, liquidity constraints in the market have further impacted buying sentiments, resulting in subdued trade activity.
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BigMint’s price assessment (region-wise)
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