Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, remained volatile today. Offers floated by the mills varied in the range of INR 100-300/t.
Sponge iron prices decreased by INR 100/t. Around 2,700 t of trades happened at INR 32,500-32,600/t DAP Durgapur.
Billet prices rose by INR 200/t. Demand for billet was moderate today and offers increased in the second half. Around 2,050 t of trades were recorded at INR 48,000-48,100/t DAP Durgapur.
Moreover, the finished long steel segment witnessed a slight increase in prices today. Sellers floated offers for rebar (Fe 500) at INR 51,000-51,200/t and wire rod (5.5mm) at INR 51,400-51,500/t.
Overall, demand was moderate to average throughout the day for semi-finished and finished long steel. The hike in electricity tariff will create an additional burden of INR 1,000-1,500 on standalone furnaces as well as the hot charging mills. Sources are expecting prices to trend higher from tomorrow onwards due to the upward revision in DVC tariff charges.
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