India: Semis prices edge lower in West Bengal on soft steel demand

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

Sponge iron prices fell by INR 50/t and around 2,800 t of trade happened at INR 32,400-32,500/t DAP Durgapur.

Billet prices fell by INR 200/t. Demand for billet is still on the lower side because of low buying interest for finished steel. Around 2,500 t of trades were recorded at INR 47,600-47,700/t DAP Durgapur.

The finished long steel segment saw prices decreasing by INR 300/t today. Sellers floated offers for rebar (Fe 500) at INR 50,600-51,000/t and wire rod (5.5mm) at INR 51,000-51,300/t exw Durgapur. Around 700 t of wire rod deals were heard at INR 51000/t exw Durgapur.

Sellers remained under pressure amid declining steel prices and no noticeable improvement in demand for finished steel. An upward correction in prices was seen in north India which may support prices, although demand remains low, SteelMint notes.