India: Semi-finished steel prices edge lower in West Bengal on subdued demand

Induction furnace (IF)-route semi-finished steel prices in Durgapur, West Bengal, edged down today. Offers floated by the mills fell up to INR 750/t today.

Sponge iron prices declined by INR 500/t today. Around 3,250 t of P-DRI trades happened at INR 27,800-28,000/t DAP Durgapur.

Billet prices fell by INR 750/t and around 2,200 t of trades were recorded at INR 43,000-43,300/t DAP Durgapur.

The finished long steel segment saw prices decreasing by INR 600/t. Sellers floated offers for rebar (Fe 500) at INR 47,000- 47,200/t, while for wire rod (5.5mm) offers were at INR 46,500-47,000/t exw Durgapur. In all, around 1,500 t of deals were recorded by SteelMint today.

The market witnessed a decline in prices today due to sluggish demand in all segments. Spot trades remained low throughout the day which forced sellers to reduce offers. The market is likely to slide even further in the coming days if sales of finished steel continue to remain weak, sources informed SteelMint.