India: Semis prices drop further in West Bengal amid subdued sentiments

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, fell today. Offers floated by the mills decreased by as much as INR 600/t.

• Sponge iron: Prices dropped by INR 450/t d-o-d, however, demand recovered slightly in the second half. Around 4,400 t deals were concluded at INR 33,000-33,200 DAP.
  
  
• Billet: Prices declined by INR 400/t in today's trading session. Sellers reduced offers on low demand initially but later trade improved marginally. Around 3,320 t deals were recorded at INR 48,000-48,200 DAP.
  
  
• Finished long: The finished long steel segment witnessed a fall of INR 600/t due to low demand. Around 1,800 t of wire rod deals were confirmed at INR 51,500-51,600 exw.
  
  

Overall, it was observed that semi-finished and finished steel sellers were under pressure due to low buying interest. Trade remained moderate and the market was volatile throughout the day.