India: Semi Finish Market seek Support in Present Price

Low production of MS Ingot/Billet has kept the demand intact. Manufacturer sources believe price will remain at same level due to moderate demand and increasing shortage of scrap.

Mandi Gobindgarh: MS Ingot prices remain firm with low availability of Scrap. For the whole week, prices fluctuated by INR 200-300/MT with average trading volume. A well known Broker said ”due to limited production of Ingot and unavailability of Scrap, we do not expect market to correct from this range, Mandi is majorly purchasing Ingot/Billet from Durgapur , Rourkela and some quantity from Raipur at present. So if the prices fluctuate either way in Durgapur, Rourkela and Raipur then to an extent, similar trend will reflect in Mandi’s local market.’’

Raipur: Market increased by INR 200/MT in MS Ingot and INR 500/MT in Re-bar Prices for this week. Ingot is traded at INR 28,200/MT, Billet at INR 28,700-800/MT and Re-bar 20mm at INR 31,200/MT today, ‘’we don’t see any correction presently because Re-bar buying has increased in local market after the end of state assembly election in 4 states. Market might improve or remain range-bound in this situation.’’ says a Re-bar manufacturer based in Central India.

Maharashtra is the biggest producer of Finish Long Products. In here, Structure offers are unchanged and Re-bar prices increased by INR 200/MT W-o-W. After production cut of Semi-finish and finish products we don’t see any major fluctuation in the market of this state. Their Ingot offers are same during the week. However, today offers for Ladle Ingot is at around INR 31,400/MT and for Billet it is around INR 31,600/MT.

South Market: SteelMint learned that because of low availability of Scrap and increased demand in local market, their offers are increasing from few days. In Hyderabad, Sponge Pellet prices have increased by INR 700/MT, Ingot up by 800/MT and Re-bar move up by INR 1400/TMT in a month’s time. Offerings of Ingot in Hyderabad are at INR 30,300/MT, Re-bar 12mm at INR 33,800/MT and Sponge Pellet FeM 77 at INR 19,300-500/MT.

Note: All mentioned prices are Ex-Plant and Basic