India: Semis prices in West Bengal inch down on low finished steel demand

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, remained in negative zone today. Offers floated by the mills dropped by INR 400/t.

Sponge iron prices decreased by INR 400/t. Around 2,200 t of trades happened at INR 32,500-32,600/t DAP Durgapur.

Billet prices fell by INR 400/t. Demand for billet remained sluggish today and offers decreased in the second half. Around 1,600 t of trades were recorded at INR 47,700-47,800/t DAP Durgapur.

On the other hand, the finished long steel segment saw dull demand today. Sellers floated offers for rebar (Fe 500) at INR 50,800-51,200/t and wire rod (5.5mm) at INR 51,300-51,500/t.

Demand for semi-finished steel remained sluggish throughout the day. Sellers reduced offers on low buying. Market participants remained under pressure as inventory of finished long products was piling up. Prices are likely to remain on the lower side until demand for steel improves, sources said.