Dull sentiments prevailed in India’s induction furnace (IF) steel market today even as mills reduced offers by INR 50-700/tonne (t) d-o-d on 28 February 2025.
Sponge iron offers dropped by INR 100-200/t d-o-d, with a steep fall in the Raigarh and Bellary market of INR 200/t. Only in Chennai market where prices slight increase of INR 100/t as witnessed.
Billet tags decreased by INR 50-400/t d-o-d across locations except in Chennai where prices inch up by INR 300/t.
Rebar (Fe 500) tags varied by INR 100-700/t d-o-d. The steepest declines were seen in Raigarh by INR 700/t.
Today, inquiries were limited in the spot market. Buyers undertook need-based procurement, and consequently, mills reduced offers or increased trade discounts which varied across locations. Market participants expect prices to hover within a limited range in the short term.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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