Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, edged lower today. Offers floated by the mills fell up to INR 450/t.
Sponge iron prices also dropped by INR 450/t. Around 2,200 t sponge pellet trades took place at INR 32,100-32,300/t DAP Durgapur.
Billet prices saw some stability today. However, demand for billets remained low-to-moderate and around 1,450 t of trades were recorded at INR 48,100-48,200/t DAP Durgapur.
Finished long steel prices decreased by INR 300/t. Sellers floated offers for rebar (Fe 500) at INR 51,400-51,700/t and wire rod (5.5mm) at INR 51,800-52,000/t exw Durgapur. In all, around 2,000 t of deals were recorded by SteelMint today.
Spot trades in semis and longs remained lacklustre today. Sellers reduced offers amid limited demand even as declining offers in the northern region led to the downslide in prices in other major markets. Market participants are expecting a correction in prices in the coming days due to a slight build-up of inventory.
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