Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, edged down today. Offers floated by the mills fell by up to INR 350/t d-o-d.
Sponge iron prices fell by INR 300/t today. Around 3,550 t of trades were recorded at INR 30,300-30,400/t DAP Durgapur.
Billet prices dropped by INR 350/t. Demand is still soft as buyer remain cautious. Around 1,950 t of trades were recorded at INR 46,200-46,400/t DAP Durgapur.
The finished long steel segment saw prices decreasing by INR 300/t. Sellers floated offers for rebar (Fe 500) at INR 49,800- 50,200/t and wire rod (5.5mm) at INR 49,800-50,000/t exw Durgapur. In all, 2,650 t of deals happened during SteelMint’s trading window.
Overall, prices bent southwards due to sluggish demand and weak sentiments in north India. Spot trades continued to remain on the lower side throughout the day and buyers kept silent due to negative price trends in all segments. Market participants expect some price recovery after the Chhath Puja festival.
Leave a Reply