Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, increased today. Offers floated by the mills increased by up to INR 500/t.
Sponge iron prices were also elevated by INR 250/t. Around 3,950 t of trade happened at INR 32,400-32,500/t DAP Durgapur.
Billets prices saw a hike of INR 200/t. Demand was quite good for billets today as trade resumed after the Durga Puja festival. Around 4,800 t of trade were recorded at INR 48,400-48,500/t DAP Durgapur.
The finished long steel segment prices increased by INR 500/t. Sellers floated offers for rebars FE 500 at INR 51,700-51,800/t and wire rods of 5.5mm at INR 52,200-52,300/t exw-Durgapur and collectively around 3,550 t of deals were recorded by SteelMint in today’s trading window.
Spot trades improved for semi-finished material whereas finished long remained moderate throughout the day. Sellers are under pressure to clear inventories which have piled up during the festival period. Finished steel demand is expected to improve in the coming days, sources informed SteelMint.
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