India: Semis market remains volatile in West Bengal amid weak steel demand

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, remained volatile today. Offers floated by the mills varied up to INR 50-100/t.

Sponge iron prices dropped INR 50/t. Demand for sponge remained weak throughout the day. Around 2,650 t of trade happened at INR 33,000-33,400 DAP.

Billet prices rose by INR 100/t. Sellers held their positions amid weak buying which led to prices remaining stable. Around 1,850 t of trades were recorded at INR 48,200-48,500/t DAP.

The finished long steel segment witnessed stable prices today. Seller's floated offers for rebar (Fe-500) at INR 51,000-51,500/t and wire rod (5.5mm) at INR 51,500-51,800/t.

Prices remained volatile due to weak steel demand. Sellers floated offers but buying interest was low. Market participants are hoping for some price correction, which may result in demand recovery in the coming days, sources informed SteelMint.