- Market remains slow with fewer transactions
- Buyers wary due to sluggish finished demand
India’s induction furnace (IF) steel market witnessed subdued sentiment, with mill offers falling by INR 50-500/tonne (t) d-o-d.
Sponge iron prices decreased by INR 100-150/t d-o-d, with the highest drop of INR 150/t seen in Raipur and Bellary.
Billet tags declined by INR 50-300/t d-o-d, with the steepest fall of INR 300/t seen in Rourkela and jalna.
Rebar (Fe 500) prices decreased in the range of INR 100-500/t d-o-d. The sharpest drop of INR 500/t was seen in Rourkela. However, in Chennai, witnessed a rise of INR 200/t.
Today, the market remained slow, and fewer transactions were concluded. Buyers were cautious regarding procuring material amid sluggish demand in finished steel over the past couple of days. As per participants, prices are likely to remain volatile in the near term.
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BigMint’s price assessment (region-wise)
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