India's induction furnace (IF) steel prices showed a mixed trend today. Mills announced offers with fluctuations ranging from INR 50-450/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices hiked by INR 50-200/t, with the steepest increased in Raipur and Bellary market.
Billet prices increased by INR 100-450/t, with the sharpest hike observed in the Raipur market.
Rebar (Fe 500) offers fluctuated within a range of INR 100-400/t. The highest increase was seen in the Raigarh market by INR400/t, while the Delhi market experienced a drop of INR 100/t.
Moderate trades were observed across various locations on Wednesday, with slight improvements in the procurement of raw materials especially sponge iron and billets. Also, robust sales in finished steel segment were noticed compared to the past few days. Market participants anticipating that prices would be hover in the same range.
