India: Semis prices rise in West Bengal on moderate demand

Induction furnace (IF)-origin semi-finished steel prices in Durgapur, West Bengal, increased slightly today. Offers floated by the mills increased by up to INR 200/t.

Sponge P-DRI (pellet-based DRI) prices edged up by INR 100/t. Around 3,350 t of trades happened at INR 32,000/t DAP Durgapur.

Billet prices remained largely stable. Demand for billet was low throughout the day, which kept prices on the lower side. Around 1,450 t of trades were recorded at INR 47,900-48,000/t DAP Durgapur.

The finished long steel segment saw prices increasing by INR 200/t today. Sellers 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 exw Durgapur. Deals for around 3,800 t were recorded by SteelMint today.

Overall, demand remained moderate in the region which kept prices stable. Sellers are still struggling because of conversion loss in the semi-finished (billet) and finished long steel segments, hoping for more price support in the coming days.