Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, increased today. Offers floated by the mills rose up to INR 500/t.
Sponge iron prices rose by INR 400/t today. Around 2,400 t trades happened at INR 31,800-32,000/t DAP Durgapur, for pellet-based DRI (P-DRI).
Billet prices witnessed a hike of INR 300/t. Demand for billets was moderate throughout the day. Around 2,080 t of trades were recorded at INR 47,700-47,800/t DAP Durgapur.
The finished long steel segment saw prices increasing by INR 500/t today. Sellers floated offers for rebar (Fe 500) at INR 50,700-51,000 and wire rod (5.5mm) at INR 51,300-51,600/t exw Durgapur. Around 2,600 t of deals were recorded by SteelMint today.
Prices went up for all commodities as the market found support due to the price rise in the northern region. Demand and trades were moderate in the semi-finished segment as buyers are still cautious about bulk booking due to low finished steel demand. The market is likely to see better demand once the Durga Puja festival is over, sources informed SteelMint.
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