India: Steel prices edge up amid active trades in West Bengal

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, increased today. Offers floated by the mills rose up to INR 600/t.

Sponge iron prices remained almost stable with a minimal drop of INR 100/t today. Around 9,100 t of trade happened at INR 29,300-29,800/t DAP Durgapur.

Billet prices increased by INR 500/t and around 1,900 t of trades were recorded at INR 43,300-43,500/t DAP Durgapur. In addition to active demand, production cuts by a few furnaces also fuelled billet prices in Durgapur.

Following the strengthening in billet prices amidst active finished steel sales, the finished long steel segment saw prices increasing by INR 600/t. Sellers floated offers for rebar (Fe 500) at INR 48,200- 48,500/t, while for wire rod (5.5mm) offers were at INR 47,500-48,200/t exw Durgapur. In all, around 6,600 t of deals were recorded by SteelMint today.

The market edged up on active demand seen today for both semis and finished long steel along with price recovery in the northern region. Participants informed that producers, in a bid to keep prices high, reduced conversion loss as some standalone furnaces are still facing trouble on that count.