Induction furnace (IF)-origin semi-finished steel prices in Durgapur, West Bengal, remained more or less firm today, with a minor change of INR 100/t, as per SteelMint’s daily assessment.
Sponge iron prices rose by INR 100/t today, with around 2,700 t of trades recorded at INR 32,500-32,600/t DAP Durgapur.
Billet prices were stable as demand remained low-to-moderate. Around 2,700 t of deals were recorded at INR 48,600-48,700/t DAP Durgapur.
Prices of finished long steel are also stagnant. Sellers floated offers for rebar (Fe 500) at INR 51,800-52,000/t and wire rod (5.5mm) at INR 52,000-52,300/t exw Durgapur. In all, around 2,250 t of deals were recorded by SteelMint today.
Offers remained stable today and spot trades were average throughout the day. Most suppliers were holding material hoping for better margins. However, a few market participants said that the coming days are likely to see an improvement in finished steel sales.
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