Indian Semi finish Manufacturers have got some relief after a long time owing to improved sales of material. They are now focusing on increasing their production. With recent increase in production of MS Ingot/Billet, market has drastically risen by INR 1,000-2,000/MT (5-8%) in a month’s time across India.

Sponge Iron

Raipur: In Sponge, we didn’t see any major changes as prices remain firm at range of INR 20,100-20,300/MT with average trading volume. Prices fluctuated by INR 200-400/MT for the whole month of December.

Karnataka (Hospet & Bellary): They are mostly selling materials in Maharashtra. In a month’s time, Mumbai local market improved drastically by INR 800-1,000/MT in Ingot and Re-bar, owing to good demand in structural items.
Good demand from Maharashtra and high input cost resulted in a increase of Sponge iron in Bellary and Sponge pellet prices by INR 800-1,000/MT in M-o-M.

[su_quote]There are few chances to reduce Sponge prices; increased production of Semi-finish in Maharashtra will support Sponge market in coming days, commented a well known broker based in Bellary.[/su_quote]

Finish (Re-bar)

• Continuous increase in Re-bar prices is supporting Ingot/Billet offers.
• The recent price hike (INR 500-1,000/MT) by primary producers can be a trigger for an increase in market activities in coming days.
• In Durgapur, Raipur, Mumbai including the Southern region, sales have increased compared to the last couple of months.