Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, plunged today. Offers floated by the mills fell by INR 400/t.
Sponge iron prices also fell by INR 150/t today. Around 2,580 tonnes of trade happened at INR 31,200-31,300/t DAP Durgapur.
Billet prices witnessed a decrease by INR 400/t too. Billet offers reduced due to limited enquiries and around 2,050 t of trade were recorded at INR 46,700-47,000/t DAP Durgapur.
Finished long steel segment prices decreased by INR 300/t. Sellers floated offers for rebar Fe 500 at INR 50,200-50,600 and wire rod of 5.5mm at INR 50,000-50,500/t exw-Durgapur. Collectively, around 2,900 t of deals were recorded by SteelMint in today’s trading window.
Overall, demand for semi-finished and finished long products were down throughout the day. Sellers kept offers on the lower side amid falling prices in the northern region as buyers waited and watched. Participants expect the current downtrend to sustain till the festive season.
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