Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, remained largely stable today. Offers floated by the mills decreased by up to INR 100/t.
Sponge iron prices were stable at INR 31,500/t. Around 2,800 t of trades happened at INR 31,300-31,600/t DAP Durgapur.
Billet prices witnessed a marginal decline of INR 100/t. Sellers quoted offers at almost similar levels to that of yesterday as market participants evinced interest in restocking material ahead of the upcoming festival. Around 2,980 t of trades were recorded at INR 47,300-47,500/t DAP Durgapur.
Finished long steel prices showed stability in terms of offers. Sellers floated offers for rebar (Fe 500) at INR 50,000-50,600/t and wire rod (5.5mm) at INR 51,000-51,200/t exw Durgapur. In all, around 3,200 t of deals were recorded by SteelMint today.
The market saw a marginal fall in billet prices even as finished steel prices remained stable. Trades were on the lower side ahead of the approaching festive season in the region, sources informed SteelMint.
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