- Weak demand leads mills to reduce offers
- Sluggishness in north influences other markets
India’s induction furnace steel market witnessed a continued downtrend, as mill offers dropped by up to INR 500/t compared to the previous session, reflecting weak demand and market uncertainty.
Sponge iron prices decreased in the range of INR 100-250/t, with the highest fall seen in the Jharsugda market.
Billet prices fell by INR 200-500/t. The highest drop was seen in Hyderabad.
Rebar (Fe 500) offers also fell by INR 200-500/t with the Hyderabad and Delhi markets witnessing the highest drop.
Overall, prices and offers for both semi-finished and finished long products fell. Spot trades also declined, as sluggish momentum in the northern regions kept buyers away from bulk bookings. Participants expect the market to regain momentum once demand for finished steel increases in the upcoming days.
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