India: Semi-finished steel prices drop amid dull trading in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, decreased today. Offers floated by the mills fell up to INR 300/t.

Sponge iron prices fell by INR 150/t today. Around 3,800 t of trades happened at INR 30,500-30,700/t DAP Durgapur.

Billet prices witnessed a drop of INR 100/t. Sellers reduced offers amid lack of enquiries today and around 2,500 t of trades were recorded at INR 46,600-46,700/t DAP Durgapur.

Finished long steel prices decreased by INR 300/t. Sellers floated offers for rebar (Fe 500) at INR 50,400- 50,500/t and wire rod (5.5mm) at INR 50,000-50,200/t exw Durgapur. Around 1,630 t of deals were recorded by SteelMint today.

Market sentiments remained dull today in terms of spot trades in both the semi-finished and finished longs segments. Sellers reduced offers as buyer remained cautious about taking long positions during the festive season.