India: Semi-finished steel prices continue to decline in West bengal

Induction furnace (IF)-route semi-finished steel prices  in Durgapur, West Bengal, decreased today. Offers floated by the mills fell up to INR 650/t.

Sponge iron prices declined by INR 150/t today. Around 2,500 t of trades happened at INR 27,700-27,800/t DAP Durgapur.

Billet prices fell by INR 650/t and around 2,750 t of trades were recorded at  INR 42,300-42,400/t DAP Durgapur.

The finished long steel segment saw prices decreasing by INR 500/t. Sellers floated offers for rebar (Fe 500) at INR 46,200- 46,500/t, while for wire rod (5.5mm) offers were at INR 45,800-46,000/t exw Durgapur. In all, around 2,700 t of deals were recorded by SteelMint today.

Overall, the market witnessed a drop in prices for semi-finished and finished long steel products. Sellers are decreasing offers as inventories keep piling up which is create selling pressure. The market is on a declining trajectory now as demand for finished steel remains sluggish, SteelMint notes.