Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, fell marginally today. Offers floated by the mills dropped by INR 50/t.
Sponge iron prices were stable today. Around 3,200 t of trade happened in a range of INR 32,500-32,600/t DAP Durgapur.
Billet prices fell by INR 50/t. Sellers were under pressure amid lack of demand from buyers. Around 1,650 t of trade were recorded at INR 47,800/t DAP Durgapur.
The finished long steel segment saw a stable price trend today. Sellers floated offers for rebar Fe 500 at INR 50,800-51,200/t and wire rods of 5.5mm at INR 51,300-51,500/t exw Durgapur.
Overall, demand for finished steel has not improved, which had an effect on semi-finished prices today. Steel producers have already reduced their capacity utilisation and will be forced to curtail output further if demand does not pick up in the coming days. sources informed.
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