Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, fell today as offers floated by the mills fell by up to INR 700/t.
Sponge iron prices dropped INR 200. Although sponge prices fell in early trading, average trade volumes were recorded later in the day. Around 3,950 t of deals were recorded at INR 33,300-33,400/t DAP Durgapur.
Billet prices decreased by INR 300/t, although prices recovered later due to a sudden surge in demand. Around 3,180 t of trade was recorded at INR 48,300-48,500/t DAP.
The finished long steel segment witnessed a drop of INR 700/t in prices. Due to subdued demand for finished steel, offers hovered at lower levels throughout the day. However, demand for wire rod remained stable and around 1,500 t of trades happened at INR 51,500-51,700/t exw.
Today the market saw prices of all commodities declining, although some improvement was observed later on in the day due to increased offers in some regions. Steel demand is still subdued which is driving offers downwards, sources informed.
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