Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, were reported to have increased today. Offers floated by the mills rose by up to INR 300/t.
Sponge iron prices rose by INR 150/t. Around 4,450 t of trade was recorded at INR 31,600-31,800/t DAP Durgapur.
Billet prices witnessed an uptrend of INR 250/t. Sellers increased offers initially, which remained supported throughout the day. Around 2,450 t of trade was reported at INR 47,700-47800/t DAP Durgapur.
The finished long steel segment saw prices increasing by INR 300/t today. Sellers floated offers for rebar (Fe 500, 12-25mm) at INR 50,500-50,900/t and wire rod (5.5mm) at INR 51,300-51,500/t exw Durgapur. In all, about 3,000 t of deals were recorded by SteelMint today.
Overall, demand saw some improvement due to price rise in the northern region and trade volumes for semi-finished and finished longs increased today. Market participants are optimistic and said that trades are likely to remain active in the upcoming favourable season for construction activities.
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