Semi finish price remains
numb in major mandis but low demand created pressure in small towns. Market
Participant expects trade volume to improve this week over limited production
and supply.
Prices of MS Ingot in Mandi
today opened higher by Rs 200/MT, giving a positive sentiment. However, last
week prices dropped marginally by Rs 50-100/MT over limited production. The fall
in prices was also witnessed in other region of North India as well.
Price of Ingot in Ghaziabad
was down by Rs 300/MT, followed by Muzaffarnagar which is down by Rs 400/MT and
Ludhiana down by Rs 350/MT.
SteelMint learned that last
week Billet supply from East/Central India (Durgapur, Raipur and Raigarh)
continued to dominate the local manufacturer over the prices viability by Rs
300-400/MT.
In Western India (Mumbai,
Jalna), production continues to remain in night shift making overall production
to 40% of installed capacity.
Similarly in central India
(Raipur), MS Ingot furnace strike is expected to extend till 15th
August.
SteelMint learned that demand
of Ingot and Sponge is limited in the region and the strike will not create pressure
on Sponge prices.
Sponge prices continue to
remain firm over limited Iron ore availability and production and as prices
weaken marginally by Rs 200-300/MT.
Re-bar
prices show stability at the current offers as the mill owners prefer to sell low
instead of reducing offers to book the
sale. Prices weaken marginally by 0.8% – 1% W-o-W.
In
Mumbai, 12 mm TMT is offered at Rs 32,400/MT, that is marginally down by Rs 200/MT
W-0-W. However in Raipur. 12 mm TMT is offered at Rs 29,600/MT (basic), which
is down by Rs 500/MT W-o-W.
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