Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, edged up today, as per SteelMint assessment. Offers floated by the mills increase by up to INR 200/t.
Sponge iron prices increased by INR 50/t, although demand remained average. Around 3,950 tonnes (t) of trades happened at INR 32,700-33,000/t DAP Durgapur.
Billet prices rose by INR 250/t. Sellers raised offers initially but reduced later on due to low demand. Around 2,740 t of trades were recorded at INR 47,700-48,000/t DAP Durgapur.
The finished long steel segment witnessed a slight increase in prices today on the back of rising raw material prices. Sellers floated offers for rebar Fe 500 at INR 50,700-51,000/t and wire rod (5.5mm) at INR 51,200-51,400/t. Around 1,250 t of trades in wire rod were recorded at INR 51,200-51,400/t exw Durgapur.
Overall, the market saw a slight increase in semi-finished and finished longs prices in the region. Demand for semi-finished steel improved slightly with moderate trades witnessed throughout the day. Demand for steel is expected to improve in the coming days with the end of the monsoon season and the commencement of construction activities, SteelMint notes.
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