Indian secondary steel market has recorded further decline in prices today on limited inquiries. Sponge iron prices have seen a fall of INR 50-450/t, billet prices by INR 50-500/t and rebar by INR 100-500/t in most of the regions. The major re-rollers & sponge iron makers in central & eastern India have reported rise in inventories on account of falling spot trades & future bookings.
Silicon manganese (60-14) offers assessed at around INR 59,500/t exw Raipur.
Induction grade billet export offers drop by $10/t to around $385/t exw Durgapur, equivalent to $410/t CPT Nepal, via road delivery.
Raipur based major sponge manufacturers have reduced P-DRI offers by INR 300/t to INR 18,800-19,000/t exw. However no