Induction furnace steel wire rod prices in Raipur rose sharply by INR 800/t to INR 47,400/t exw, following a surge in billet prices. However, spot trades weakened and, therefore, trade discounts remained strong at INR 1,000-1,300/t offered by the resellers. Market participants expect that current offers are unlikely to sustain as buyers are cautious and would not like to book volumes at prevailing high offers.
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