India’s induction furnace (IF) steel prices witnessed mix trend today, with mills varied offers by INR 50-300/tonne (t) d-o-d.
Sponge iron prices fluctuated by INR 50-150/t d-o-d across locations, with the sharpest hike seen in the Ramgarh region; whereas in Bellary prices down by INR 150/t.
Billet prices varied by INR 100-300/t d-o-d across locations, with the sharpest hike seen in the Mandi region by INR 300/t. However, in Chennai and Rourkela prices down by INR 200/t.
Rebar (Fe 500) prices decreased by INR 100-300/t d-o-d. The steepest fell in Raigarh and Chennai markets by INR 300/t.
Today, the market witnessed limited inquiries. Mills tried to push prices in a few regions, but few transactions were observed at current values, though trade volumes varied from one market to the other. However, mills are facing selling pressure, especially in finished steel, which is pressurizing sellers to reduce their offers or adjust trade discounts.
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BigMint’s price assessment (region-wise)
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