India: Semi-finished steel prices rise marginally in West Bengal

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

Sponge iron prices increased by INR 100/t today. Around 5,100 t of trade happened at INR 29,800-30,000/t DAP Durgapur.

Billet prices increased by INR 150/t and around 4,900 t of trades were recorded at INR 44,800-45,200/t DAP Durgapur.

The finished long steel segment saw prices increasing by INR 300/t. Sellers floated offers for rebar (Fe 500) at INR 48,800- 49,200/t, while for wire rod (5.5mm) offers were at INR 48,600-49,000/t exw Durgapur. In all, around 6,600 t of deals were recorded by SteelMint today.

The market witnessed a slight uptick in prices of semis and finished longs. Sellers raised offers on account of rising prices in the northern region but reduced prices later in the day. Spot semis trades were moderate, while finished steel trades were improved compared to yesterday.