The IF steel market is still navigating high inventory levels, subdued end-user demand, and liquidity constraints. These factors have led to cautious buying, production cuts by mills, and price volatility, with most trading continuing to be driven primarily by immediate demand and overall weak sentiment.

Despite weak demand, mills raised offers in response to rising costs. Rebar (Fe 500) prices witnessed an upward movement of ₹100-₹300 per tonne on a day-over-day basis.  With Mandi seeing the sharpest rise of ₹300 per tonne as locked on week closure that is 10th October.

However, weekly, the market experienced downward pressure as high inventories and weak demand weighed on prices. Prices fell from ₹42,600 on 3rd October to ₹41,800 on 10th October, marking a decline of 1.88%, whereas from 6th to 10th October, the prices dropped by 0.48%, reflecting continued weakness in demand and cautious buying activity.

Outlook:

The prices are anticipated to remain volatile in the near term. Moreover, the rising input cost may further squeeze conversion margins unless demand picks up or liquidity improves.