MS Ingot prices declined by INR 200-500/MT W-o-W. Prices remained under pressure as sales of finish Steel fell during festival season. High Sponge prices and low production were also not able to support the price. Market sources believe that semi finish trade volume will remain low owing to low demand for finish long pan India which in turn is a result of festival season. The week highlights are:
- Mandi Gobindgarh: MS Ingot prices weaken by INR 400/MT W-o-W with its major producers operating in night shift. Sponge's supply from Raipur/Raigarh is limited due to low production and low realization as compared to local sales. Mandi's Sponge prices are down by INR 400/MT (supply from Rourkela) whereas Scrap prices remain firm with its continuous shortage.
- Raipur: Sponge Iron prices continue to trade higher over limited production owing to low availability of Iron ore and high sponge demand from North and Western India (Maharashtra). Sponge iron price increased by INR 200-400/MT W-o-W in central India. Market sources believe price will remain firm as a result of limited production.
- Durgapur: Mostly, trade remained close because of Durga Puja. However, Sponge prices increased by INR 400/MT and MS Ingot prices by INR 100/MT.
- M.H Re-bar: It's being learned that Re-bar's production in Western India improved as two new plants has been commenced in Maharashtra (M.H). Due to increasing production supply of Re-bar from other states (mainly C.G, and A.P) to M.H is being hit. Price softens by INR 200-500/MT in Central and Western India. Whereas high inventory hit the price in North India by downtrend of INR 900/MT.
- Raigarh: Viability of MS Ingot supply from Raigarh to U.P begins as trader buys Ingot Ex Raigarh at INR 28,100/MT regular payment with good volume. Many brokers have a view low production in North India can trigger the demand in Central India.
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