India: Semi-finished steel prices edge up in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, increased today. Offers floated by the mills rose up to INR 1,200/t.

Meanwhile, sponge iron prices dropped by INR 850/t today. Around 4,750 t of trade happened at INR 30,200-30,300/t DAP Durgapur.

Billets prices rose by INR 350/t and around 2,300 t of trade recorded at INR 43,500-43,800/t DAP Durgapur.

In the finished long steel segment, prices increased by INR 1,200/t. Sellers floated offers for rebars (Fe 500) at INR 47,700- 48,000/t, while for wire rods (5.5mm) offers were at INR 47,500-47,700/t exw Durgapur. In total, around 6,000 t of deals were recorded by SteelMint today.

Overall, market noticed an increase in semi-finished and finished long steel prices. Sellers raised offers here on the support of price correction seen in the northern region. Active demand was observed in finished long while semi-finished remained moderate throughout the day. Participants were optimistic and hope that demand for steel is going to improve in coming days, SteelMint noted.