Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal decreased today. Offers across mills fell by up to INR 300/tonne (t).
Sponge iron prices fell by INR 150/t today. Around 6,000 t of trade happened at INR 29,700-29,800/t DAP Durgapur.
Billet prices decrease by INR 150/t and around 5,000 t of trade were recorded at INR 44,800-45,000/t DAP Durgapur.
The finished long steel segment saw prices decreasing by INR 300/t. Sellers floated offers for rebar (Fe 500) at INR 48,100- 48,500/t, while for wire rod (5.5mm) offers were at INR 48,200-48,600/t exw Durgapur. In all, around 4,950 t of deals were recorded by SteelMint today.
Overall, the market witnessed a downward trend due to falling offers in the northern region and less demand for finish steel. Spot trades remained low initially but a moderate amount of deals happened in second half of the day. Prices are likely to remain volatile as per market participants, until demand for steel starts improving.
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