Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, fell slightly today. Offers floated by the mills plummeted by up to INR 100/t.
Sponge iron prices were recorded almost stable, though. Sponge offers increased in the first half but fell on low demand in the late trading hours. Around 3,300 tonnes (t) of deals were recorded today, which were concluded at INR 33,600-33,700/t.
Billet prices dropped slightly by INR 100/t. Sellers floated offers higher in the morning hours because of improved sentiments in the northern region. However, prices fell on subdued demand later on in the day. Around 2,350 t of deals were recorded at INR 48,700-48,800/t.
The finished long steel segment saw no change in prices. TMT and wire rod sellers were under pressure due to low demand for steel but firm billet and sponge prices kept offers stable.
Overall, the market saw a downward trend on low demand for finished steel in the region. Prices will remain under pressure until demand recovers, sources informed SteelMint.
Leave a Reply