Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, decreased today. Offers floated by the mills fell up to INR 550/t.
Sponge iron prices declined by INR 550/t today. Around 4,100 t of trades happened at INR 29,700-29,800/t DAP Durgapur.
Billet prices fell by INR 300/t and around 3,550 t of trade was recorded at INR 43,000-43,200/t DAP Durgapur.
The finished long steel segment saw prices decreasing by INR 500/t. Sellers floated offers for rebar (Fe 500) at INR 47,300- 47,800/t, while for wire rod (5.5mm) offers were at INR 47,000-47,200/t exw Durgapur. In all, around 2,700 t of deals were recorded by SteelMint today.
The market remained under pressure due to soft demand for semi-finished and finished long steel. Sellers reduced offers following the drop in prices in the northern region, which led to buyers turning cautious and opting to wait and watch. Prices may remain volatile until demand for finished steel improves, sources informed SteelMint.
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