Semi finish price remains firm last week, but market participants anticipate correction and improvement in demand.
Prices of MS Ingot in Mandi Gonbindgarh, that is considered as benchmark price, fell marginally by Rs 50-100/MT, giving a stable sentiment to other market. Steelmint also learned that trade volume has increased in last week as compared to preceding week.
Raipur's market began the production of Ingot from 13 Aug '13, and immediately price fell by Rs 300-400/MT as seller were keen in clearing their stocks. Jalna continues to maintain production in night shift.
Billet supply from East/Central India (Durgapur, Raipur and Raigarh) continued to dominate the North India's local manufacturer prices. As FOR price from this region is lower by Rs 300-400/MT from local manufacturer prices.
Sponge prices fell sharply in South India, as low Iron ore prices created pressure on Sponge prices which fell by Rs 800-900/MT W-o-W.
In contrary, price in North and East India continued to remain firm over limited Iron ore availability and production. Prices increases marginally by Rs 100/MT.
Re-bar prices had mix trend over the week. Prices in Western India showed improvement by Rs 200-300/MT W-o-W whereas, prices in Central India weaken by Rs 200/MT as buying from M.P and Southern market remained absent. A trader based in North India said, “Low inventory at retail end can trigger the sale at any time; as demand will improve after monsoon”
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