India: Sluggish demand pulls down semis offers in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, remained downwards today. Offers floated by the mills decrease by up to INR 500/t.

Sponge iron prices were plunged by INR 450/t. Demand of sponge iron remained low throughout the day. Around 2,400(t) of trade happened at INR 32,600-32,700 DAP Durgapur.

Billet prices fell by INR 500/t. Demand of billet is weak which caused less trading activity in the market. Around 1,540(t) of trade recorded at INR 47,700-47,800 DAP Durgapur.

However, finished long steel segment witnessed a stable prices today with no demand at all. Seller's floated offer for Rebar FE(500) at INR 50,800-51,100 and Wire rod 5.5mm at INR 51,500 exw Durgapur.

Today market witnessed a fall in semi finished prices while finish long has no active demand. Seller's remained under pressure with this kind of price reduction and some are measured with their capacity utilization. Prices were mostly affected by weak demand of finish steel which seems to remain dull, sources informed SteelMint.