India: Semi-finished steel prices move downwards amid soft demand in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal decreased today. Offers across mills fell by up to INR 500/t.

In similar vein, sponge iron prices fell by INR 250/t today. Around 6,750 t of trade happened at INR 29,500-29,600/t DAP Durgapur.

Billets prices, on the other hand, fell by INR 350/t and around 3,950 t of trade recorded at INR 44,200-44,400/t DAP Durgapur.

The finished long steel segment saw prices decreasing by INR 500/t. Sellers floated offers for rebars (Fe 500) at INR 47,500- 48,000/t, while for wire rods (5.5mm) offers were at INR 48,000-48,200/t exw-Durgapur. In all around 4,150 t of deals were recorded by SteelMint today.

Overall, prices went downwards as offers in northern region markets continued to fall from the beginning. Spot trades remained moderate in semi-finished material whereas finished long demand was lower. Sellers are under pressure as inventories kept piling up therefore they were forced to reduce prices. Demand for finished steel is not improving which is an alarming situation for the steel market here in coming days, sources informed SteelMint.