Week 42 ended with improving note for semi finish market. Sponge iron and MS billet prices rose by INR 200-250/MT in Durgapur and other markets remained stable with minor price corrections.
Current festive mood in domestic market has supported semi finish prices as trade activities remained average. Slight improvement in buying was due to anticipation of market participants for transport hurdle amid festivals.
Pig iron prices in major markets like Raipur, Raigarh and Durgapur declined by INR 200-500/MT in a week.
Week 42 highlights
1. C-DRI was offered in Durgapur at INR 13,800/MT (78 FeM; +250), Rourkela at INR 12,600/MT (78 FeM; 0), Raipur at INR 14,250/MT (80 FeM; -50) and Bellary INR 13,450/MT (78 FeM; -50).
2. P-DRI prices hovered in the range of INR 12,500-13,500/MT across India.
3. Billet price movement in Durgapur at INR 21,600/MT (+200), Rourkela at INR 21,000/MT (+100), Raipur at INR 21,600/MT (0), Mumbai at INR 22,800/MT (0), Chennai at INR 22,650/MT (-100) and Hyderabad at INR 23,000/MT (0).
4. No price fluctuation in iron ore across major markets. While, pellet prices fell by 50-200/MT W-o-W.
5. Despite imported scrap prices bottomed out, it fell further by USD 5-10/MT due to selling pressure.
Week 43 market sentiments
1. Semi finish prices may remain range-bound in near-term.
2. Ongoing holidays are likely to maintain iron ore prices at the same levels.
3. Imported scrap suppliers believe prices will remain stable, but buyers are anticipating further corrections in prices.
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