MS Ingot offers across India show sign of recovery. Prices have risen by INR 500-1,000/MT as compared to last week (W-o-W). Trades in South Indian market is quite low as well as prices remain unchanged.
MS Ingot manufacturers have reduced the production on the background of shortage and high prices of Sponge iron and MS Scrap. SteelMint assessed that furnaces are operating at 40-60% capacity owing to low conversion spread. MS Ingot is offered at the lowest level of INR 28,700/MT in Rourkela (Odisha). It has also been heard that Mandi Gobindgarh is sourcing Billet from Rourkela at INR 29,300/MT with freight charges at INR 3,600/MT.
A trader based in Mandi said, “At present, Billet offers in Gujarat are expensive by INR 200-400/MT compared with Odisha prices.”
Market sources also confirmed that increased production of Pellet sponge in West Bengal and Chhattisgarh will keep the Sponge iron prices under pressure. C-DRI prices are trading at INR 21,000-22,000/MT. Whereas, P-DRI (Sponge pellet) is offered in bulk quantity at INR 19,400-20,500/MT.
MS Ingot Prices with Trade Remarks
|
Place |
Price |
W-o-W Change |
Remarks |
|
*Mandi Gobindgarh (North) |
33,800 |
+700 |
On 11 Aug, 2014 Ingot prices were at INR 33,100/MT. Shortage and non-availability of material led to price hike. |
|
*Rourkela (East) |
28,700 |
+350 |
Improved Ingot prices in Mandi and shortage of Sponge supports Ingot & Billet prices. Whereas, demand is good from North market |
|
Kolkata (East) |
30,800 |
+500 |
Durgapur sold Billet on 16 Aug, 2014 at INR 30,300/MT to Mandi; freight by road is at INR 2,400/MT |
|
*Raipur (Central) |
29,800 |
+300 |
Sponge & Pig iron prices stable at INR 21,900-22,100/MT and INR 25,100/MT respectively |
|
*Mumbai (West) |
31,400 |
+900 |
Increased demand of Re-bars along with low inventory triggers the prices. Re-bar prices up by INR 900/MT W-o-W |
|
Chennai (South) |
31,400 |
-100 |
Bellary Sponge iron prices remain unchanged in a week. Scrap prices also corrected by USD 5-7/MT. |
Basic prices in INR/MT
Regular payment; *next day payment
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