Semi finish price had a mix trend last week over low production and a steep slump in demand. At some place price strengthened whereas other places witnessed decrease in price over low demand.
Prices of MS Ingot improved by Rs 200-400/MT W-o-W on account of production cut. Whereas, Sponge iron prices fell by Rs 200-300/MT W-o-W over lower demand.
In North India, Mandi Gobindgarh which is considered to be the benchmark for prices, witnessed an upturn of Rs 500/MT in starting week that went down at the end, closing up with an increase of Rs 200-300/MT over last week.
Supply from Raigarh and Rourkela were low due to non parity in the prices.
In East India, Raipur Ingot production were numb as producer are in strike to protest against the high power prices and increasing sponge prices.
Similarly in West India, Mumbai and Jalna plants are running in night shift that has made overall production to 40%, which is much less than the captive productivity.
SteelMint learned from market participant that this week prices may not hold bullish trend over weak finish demand pan India. Lower production might support prices at this level.
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