Domestic semi finish market remained almost firm in week 14 as prices inched up by INR 200-700/MT within a week. MS billet prices moved up by INR 300-700/MT and sponge by INR 100-500/MT across major regions.
Factors like 20% hike in power tariff in central India and slight improvement in buying activities had supported semis prices in domestic market.
However, Pig iron prices fell by INR 400/MT in Durgapur and INR 500/MT in Raigarh, but remained stable in other regions.
Week 14 highlights
1. Current 78-80 FeM sponge iron prices are prevailing in Durgapur at INR 12,500/MT (-100), Rourkela at INR 11,300/MT (+200), Raipur at INR 13,300/MT (-50) and Bellary at INR 12,550/MT (+550). Price change is weekly.
2. P-DRI prices hovered in the range of INR 11,500-13,200/MT in the market.
3. Billet price movements are INR 23,000/MT (+300) ex-Durgapur, INR 22,300/MT (+700) ex-Rourkela, INR 23,350/MT (+550) ex-Raipur, INR 24,700/MT (-300) ex-Mumbai and INR 26,000/MT (+500) ex-Hyderabad.
4. Imported scrap offers increased by USD 5/MT to USD 240/MT, CFR India due to bullish sentiments prevailing in global market.
5. JSPL raised pellet offers by INR 100/MT to INR 3,200/MT (loaded to wagons) in Barbil.
Week 15 prospects
1. Semis offers will be supportive on account of positive sentiments prevailing in the market.
2. Active buying in other nations may lead to surge in imported scrap offers. However, Indian buyers still seem to be reluctant in next week.
3. Odisha miners are likely to revise iron ore prices next week. Sources shared lump prices may increase by INR 100-150/MT.
Leave a Reply