India: West Bengal semis' market up amid firm steel demand

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, have risen today. Offers floated by the mills were rose by up to INR 500/tonne (t).

Sponge iron prices edged up by INR 250/t. Around 3,100 t of trade happened at INR 31,800-31,900/t DAP Durgapur.

Billet prices witnessed an uptrend by INR 250/t. Prices went up in the first half but fell later in the day. Around 2,500 t of trade were recorded at INR 47,900-48,000/t DAP Durgapur.

Finished long steel prices increased by INR 500/t today. Sellers floated offers for rebar FE 500 at INR 51,000-51,400 and wire rods of 5.5mm at INR 51,500-51,700/t exw Durgapur. Collectively around 3,250 t of deals were recorded by SteelMint in today's trading window.

The semi-finished market witnessed an uptrend as finish steel demand improved over the last couple of days. Prices were supported by price rise in other regions, mainly northern and central. Participants are hoping for some goods trade ahead of the festive season which will again create a dull trend, SteelMint noted.