Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, increased today. Offers across mills rose by INR 700/t.
Sponge iron prices rose by INR 100/t today. Around 10,800 t of trade happened at INR 29,800-30,000/t DAP Durgapur.
Billets prices increase by INR 350/t and around 6,150 t of trade recorded at INR 44,600-44,800/t DAP Durgapur.
The finished long steel segment saw prices increasing by INR 700/t. Sellers floated offers for rebars (Fe 500) at INR 47,800-48,200/t, while for wire rods (5.5mm) offers were at INR 48,300-48,700/t exw Durgapur. In all, around 12,400 t of deals were recorded by SteelMint today.
Today, the market went upwards in terms of price and offers due to price correction seen in the northern region. Spot trades were quite active in both semi-finished and finished long segment as buyers went for bulk bookings which was missing in past few days. Participants were expecting this trend to continue in coming days which helps in keeping the inventories clear from the mills, SteelMint noted.
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