India: Semi-finished steel prices in West Bengal inch up on active demand

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

Meanwhile, sponge iron prices increased by INR 100/t. Around 3,750 t of trades took place at INR 31,000-31,200/t DAP Durgapur, sources revealed.

Billet prices inched up by INR 200/t d-o-d. Demand for billets was active today and around 4,300 t of trade was recorded at INR 46,800-47,100/t DAP Durgapur.

The finished long steel segment saw prices remaining stable today. Sellers floated offers for rebar (Fe 500) at INR 50,000-50,500/t and wire rod (5.5mm) at INR 50,500-51,000/t exw Durgapur. Total sales of around 2,700 t were recorded by SteelMint today.

The market saw a nominal hike in semi-finished steel prices today, while demand for finished products remained moderate. In the coming week, buyers may look to conclude sufficient bookings before the commencement of the Durga Puja celebrations in West Bengal, sources informed.