India: Semi-finished steel prices up in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, rose today. Offers floated by the mills increased by up to INR 500/tonne (t).

Sponge iron prices were stable at INR 32,000/t today. Around 3,150 t of trade happened at INR 31,900-32,100/t DAP Durgapur.

Billet prices witnessed a hike of INR 350/t. Demand for billets was moderate throughout the day. Around 2,100 t of trade were recorded at INR 48,000-48,200/t DAP Durgapur.

Finished long steel prices increased by INR 500/t today. Sellers floated offers for rebar FE 500 at INR 51,300-51,700 and wire rods of 5.5mm at INR 51,700-52,000/t exw-Durgapur. Collectively, around 2,800 t of deals were recorded by SteelMint in today's trading window.

Spot trade was moderate throughout the day. Also, prices in the northern region corrected, supporting those in the eastern region too. Sellers raised offers but buyers are still keeping a distance from bulk bookings. Market participants are hoping to see some improvement in trade and prices once this festive season is over, sources informed SteelMint.