- Weak demand persists in Raipur
- Raw material prices fall w-o-w in Raipur
Prices dropped in Raipur; however, they rose in the Mandi Gobindgarh market. Market sentiment anticipated to be improved by end of the week in Raipur, however weak demand persists. Meanwhile, in Mandi demand remained moderate.
“An export duty on iron ore is expected to be imposed soon, which may lead to further price volatility”, as per BigMint sources.
Raipur: Prices declined by INR 300/t at INR 39,900/t on Friday, compared to INR 40,200/t a week ago.
Mandi: Prices were lower by INR 400/t at INR 42,700/t on 26 September against INR 42,600/t in the previous week.
D-o-d price trends
D-o-d, prices went down by INR 200/t in Raipur against INR 40,100/t and by INR 300/t also in Mandi Gobindgarh against INR 43,000/t. Listed prices are ex-works (exw), excluding 18% GST.
Raw material price trends
Prices of key raw materials such as hot-rolled strips (patra) and billets also showed varying movements in Raipur and Mandi Gobindgarh on a w-o-w basis.
HR strip (patra) prices dropped by INR 400/t to INR 39,600/t exw-Raipur as of 26 September, compared to INR 40,000/t last week. Meanwhile, the same went up by INR 200/t w-o-w at INR 41,800/t exw-Mandi on 26 September as against INR 41,600/t a week ago.
Steel billet prices in Raipur were down by INR 350/t w-o-w to INR 36,600/t exw on 26 September compared with INR 36,950/t in the previous week. However, billet prices in Mandi were assessed at INR 39,800/t DAP on 26 September, marginally up by INR 250/t w-o-w against INR 39,550/t DAP on 19 September.
Outlook
ERW patra-based pipe prices are likely to remain range-bound, as sluggish demand and limited buying activity from customers keep trade muted, with procurement largely confined to need-based purchases and cautious stocking.
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