Scrap & Metallics
- Sponge P-DRI (FeM 80%) in Bellary was assessed by SteelMint at INR 27,500/t exw (- INR 2,850), and CDRI at INR 29,350/t exw (- INR 2,750) w-o-w. 28,600 tonnes (t) of sponge iron trades were concluded this week (PDRI and CDRI combined).
- This week, the trade in sponge iron picked up somewhat as buyers made healthy bookings and sellers reduced their offers to push up sales. Movement of material was witnessed in Maharashtra and the southern region.
Semi-finished & finished long steel
- Market demand was sluggish and a further fall in billet prices was seen in the Hyderabad region, Billet prices witnessed a decline of (-) INR 3,500/t w-o-w.
- Since buyers were not interested in purchasing rebar in a declining market, demand for finished steel remained moderate.
Market scenario
- In south India’s Chennai market, finished products especially rebar movement was very slow due to heavy rainfall. As a result, semi-finished and raw material (scrap) demand trended lower amidst the continuous drop in prices in Chennai.
Outlook
According to industry insiders, steel prices in the southern region are expected to remain low due primarily to waning consumer demand.
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