- Trade activity remains subdued amid market volatility
- Price drop to continue until finished demand improves
India’s induction furnace (IF) steel market witnessed bearish sentiments today, with mills’ offers falling by INR 100-800/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-600/t d-o-d. Prices dropped sharply in Raipur and Raigarh, by INR 600/t.
Billet tags decreased by INR 100-800/t d-o-d, with the highest drop of INR 800/t seen in Ramgarh.
Rebar (Fe 500) prices decreased by INR 100-500/t d-o-d. Prices dropped sharply in Rourkela, by INR 500/t.
Negative sentiments in north India weighed on trade activity in the rest of the country, and buyers were reluctant to close deals amid market volatility. Prices may continue their downtrend until finished steel demand improves.
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BigMint’s price assessment (region-wise)
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