Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal fell further today. Offers floated by the mills fell by up to INR 400/t.
Sponge iron prices also decreased by INR 200/t. Around 5,350 t of trade happened at INR 31,500-31,800/t DAP Durgapur.
Meanwhile, billets prices saw a fall by INR 250/t. Sellers reduced offers amid average buying and around 2,400 t of trade was recorded at INR 47,600-47,800/t DAP Durgapur, sources further told SteelMint.
In addition, the finished long steel segment prices decreased by INR 400/t. Sellers floated offers for rebars Fe 500 at INR 50,800-51,000 and wire rods of 5.5mm at INR 51,000-51,200/t exw-Durgapur and collectively around 4,600 t of deals were recorded by SteelMint in today’s trading window.
Overall, semis prices fell due to low demand in the first half but the price rise in the northern region kept prices supported later in the day. Finished long demand was better than yesterday as some enquiries were raised by buyers. Market participants are hoping for subdued demand in the upcoming days on account of a slew of festivals, SteelMint noted.
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