Indian Semi Finish Prices Jump around INR 600/MT in a Day

Domestic semis makers are delighted over imposition of 20% safeguard duty on HRC; prices jumped today by INR 300-600/MT.

Imposition of 20% safeguard duty on HRC has indirectly shown its impact on semi finish market. Today, billet prices rose sharply by INR 400-600/MT and sponge iron by INR 300-400/MT across major markets amid surge in finish long prices. However, south market has remained stable.

Semis manufacturers have today closed their sales in order to sell their products at high prices in near-term.

Current billet price movement in major markets are – Mandi Gobindgarh at INR 27,900/MT (+500), Durgapur at INR 24,700/MT (+400), Rourkela at INR 23,600/MT (+200) and Raipur at INR 24,600/MT (+600).

Sponge iron is being offered at INR 15,500/MT ex-Durgapur (78 FeM; +350), INR 14,500/MT ex-Rourkela (78 FeM; +200) and INR 17,200/MT ex-Raipur (82+ FeM; +400).

In outlook, it seems that semis makers are likely to get some relief in coming days amidst imposition of safeguard duty by Indian government.