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 600/t.
Meanwhile, sponge iron prices fell by INR 450/t. Around 6,500 t of trade happened at INR 28,700-28,800/t DAP Durgapur.
Moreover, billets prices saw a drop of INR 550/t. Sellers reduced offers amid moderate demand and lack of bulk orders. Around 3,650 t of trade was recorded at INR 44,400-44,600/t DAP Durgapur.
The finished long steel segment prices decreased by INR 500/t. Sellers floated offer for rebars Fe 500 at INR 48,300-48,700 and wire rods 5.5mm at INR 48,000-48,300/t exw Durgapur. Collectively around 4,450 t of deals were recorded by SteelMint in today’s trading window.
Overall, the market witnessed a downward price trend due to the falling offers in the northern region. Sellers are compelled to reduce offers as steel demand is still not up to the mark which is ultimately resulting in piled-up inventories and keeping prices under pressure, Steelmint noted.
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