Week 37 ended with price volatile of INR 200-400/MT in Indian semi finish market. Sponge iron prices remained almost stable despite of decline in iron ore prices by INR 200-400/MT in Chhattisgarh and Odisha.
Week 37 Key Dynamics
1. Sponge iron price movement across major markets were Durgapur at INR 15,100/MT (78 FeM; -550), Rourkela at INR 14,350/MT (78 FeM; -150), Raipur at INR 16,000/MT (80 FeM; -350), Bellary INR 14,000/MT (78 FeM; -300) and Hyderabad INR 15,800/MT (82+ FeM; 0).
2. P-DRI prices hovered in the range of INR 13,300-14,400/MT across major markets.
3. Billet prices were assessed in Durgapur at INR 24,300/MT (+100), Rourkela INR 23,400/MT (+100), Raipur INR 23,950/MT (+350), Mumbai INR 25,000/MT (- 400), Chennai INR 23,900/MT (+100) and Hyderabad INR 24,500/MT (-500).
4. Imported scrap prices declined by USD 18-20/MT in a week.
5. Odisha based Serajuddin mines had reduced iron ore lump prices by INR 350/MT and fines by INR 100/MT.
6. Eastern belt based sponge makers mostly shifted to produced C-DRI against P-DRI owing to cheaper iron ore lumps prices.
Week 38 Key Prospects
1. Semi finish prices may reduce slightly looking at weak global market sentiments.
2. Imported scrap offers to India are likely to decline further.
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