The induction furnace steel market in India on 12 Jan saw continued lacklustre trading conditions as users have little interest in buying material, with price decreases due to lack of buying interest. The price of Sponge Iron decreased by ₹50-400/t day-on-day, and the largest fall was recorded at ₹400/t in Ramgarh, with the current price being assessed at ₹23,450/t. The prices of Billets decreased across all regions, with the largest falls being recorded in Raigarh and Ramgarh, where they fell by ₹300/t, with the current price being assessed at ₹39,100/t and ₹39,200/t respectively. The prices of Rebar (Fe 500) also decreased by ₹100-200/t, with the largest fall recorded in Jalna, where they decreased by ₹200/t to ₹48,800/t. Buyers and sellers remain careful and not too aggressive in their purchases or offers, with buyers taking a wait-and-see approach in order to see if there are any further corrections expected, while sellers may reduce their offers or continue to adjust their discounts depending on previous bookings and payment terms.

Outlook:​

The prices are expected to remain weak in the near term, with limited buying in the absence of strong demand this week. Continued caution among buyers may keep pressure on prices, while sellers could further provide new offers to stimulate trades. The price recovery will likely depend on an improvement in downstream demand or stabilization in raw material prices.