Semis prices in Indian domestic market were volatile and recorded poor trade volume amid festive season and bank holidays. However in the last day of weekend prices increase sharply by INR 300-1,200/MT across India.
In a week MS billet prices gain by INR 300-1,200/MT and sponge by upto INR 600/MT. Following the trend steel grade pig iron prices also gain by INR 300-1,000/MT W-o-W in central & east Indian market. However in south market prices were stable.
Week 12 highlights
1. Current 78-80 FeM sponge iron prices prevailing in Durgapur at INR 12,600/MT (+400), Rourkela at INR 11,300/MT (0), Raipur at INR 13,350/MT (+400) and Bellary at INR 12,000/MT (-600). Price change is weekly.
2. P-DRI prices hovered in the range of INR 11,300-13,000/MT in the market.
3. Billet price movements are INR 22,700/MT (+300) ex-Durgapur, INR 21,600/MT (+500) ex-Rourkela, INR 22,800/MT (+400) ex-Raipur, INR 25,000/MT (+1,200) ex-Mumbai and INR 25,500/MT (+1,000) ex-Hyderabad.
4. Imported scrap offers increased to USD 235-240/MT, CFR India due to bullish sentiments prevailing in global market.
5. Steel Grade Pig Iron offer assessed at INR 18,000-20,250/MT up by INR 300-1,000/MT this week
Week 13 prospects
1. Trade will resume from Monday, market participants expecting to have stability.
2. High imported iron ore offer may pick up south India pellet demand. P-DRI demand already herd improving in south region.
3. Active buying in other nations may further support imported scrap offers. However Indian buyers are not willing to book any vessel due to increase availability in domestic scrap at cheapar prices
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