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

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, have edged up today. Offers floated by the mills rose up to INR 600/t.

Billet prices increased by INR 600/t and around 1,900 t of trades were recorded at INR 43,200-43,500/t DAP Durgapur.

Sponge iron prices also increased by INR 300/t today. Around 2,500 t of trades happened at INR 29,700-29,800/t DAP Durgapur.

The market witnessed an uptrend in prices due to positive trends seen in the northern region. Spot trades were moderate today as prices went down slightly in the second half compared to morning prices. Market participants said that prices may remain volatile until raw material prices and finish steel demand attains the requisite balance, SteelMint notes.