Semi finish market this week remained almost firm with minor price fluctuation of INR 100-500/MT. Billet prices fell by INR 100-700/MT. However, sponge market showed price changes of INR 100-300/MT in domestic market.
On the other side, Pig iron prices fluctuated by INR 200-600/MT across major markets; rise by INR 600/MT to INR 19,600/MT ex-Cuttack.
Week 17 dynamics
1. Current 78-80 FeM sponge iron prices prevailing in Durgapur at INR 12,100/MT (+50), Rourkela at INR 11,100/MT (-300), Raipur at INR 12,900/MT (+100) and Bellary at INR 12,050/MT (-50). Price change is weekly.
2. P-DRI prices hovered in the range of INR 11,050-13,000/MT in the market.
3. Billet price movements are INR 22,650/MT (-50) ex-Durgapur, INR 21,650/MT (-150) ex-Rourkela, INR 22,250/MT (-250) ex-Raipur, INR 24,200/MT (-250) ex-Mumbai and INR 24,500/MT (-500) ex-Hyderabad.
4. Odisha based KJS Ahluwalia and Kaypee Enterprises reduced fines prices by INR 100-125/MT. KJS Ahluwalia reduced lump prices by INR 50-75/MT, while, Kaypee kept lump offers unchanged.
5. East India based pellet makers seek for export options rather than domestic sales over rise in global prices and limited buying interest in domestic market.
6. Imported scrap offers boosted up by USD 10/MT to USD 275/MT, CFR India (Shredded scrap) due to bullish global sentiments.
Week 18 prospects
1. Semis offers may remain volatile by INR 200-500/MT in days to come.
2. Imported scarp prices are expected to rise further as Turkey is still showing active participation in buying.
3. As per sources, Odisha based iron ore fines prices may come down by INR 100-150/MT in coming week.
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