India: Semis prices inch up in West Bengal despite cautious buying

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

Sponge iron prices rose by INR 150/t. Around 4,150 t of trades were reported at INR 33,500-33,600/t DAP.

Billet prices rose by INR 100/t. Sellers raised offers in early trading but buyers remained cautious which ultimately led sellers to lower prices. Around 3,480 t of trades were recorded at INR 48,500-48,800/t DAP.

The finished long steel segment witnessed a rise of INR 600/t in prices. Finished longs prices recovered due to an increase in semis prices in the region. Around 1,000 t of wire rod trades were heard at INR 52,400-52,500/t exw.

The market witnessed a slight increase in offers and prices today as semis prices increased marginally amid moderate trades throughout the day. Market participants remained cautious about bookings which kept prices volatile, Steelmint notes.