Across India, Re-bar & Structure sales volume remains stagnant from past few days. Market participant believe that in coming days, there is no chance of any increment. Semi Finish prices is likely to fall by INR 500-1,000/MT in near terms.
Ingot/Billet prices remain volatile in pan India and prices continuously fluctuating by INR 100-200/MT per day. In some cities of Southern India (Hyderabad & Chennai), prices dropped by INR 500-600/MT in W-o-W, whereas in North India (Mandi & Jaipur) prices up by INR 100-200/MT.
Reasons behind Price Correction
- Imported Scrap offers declined by USD 20-25/MT (INR 1,200-1,600/MT) in a week’s time.
- Iron Pellet prices reduced by INR 300-500/MT in Odisha & Jamshedpur owing to over availability, low sales and falling export of the material.
- Sponge prices fell slightly; offers down by INR 100-200/MT from a last week. Decline in Pellet sponge prices may increase pressure on Sponge iron.
- Upcoming elections hold the projects.
- Less buying of Re-bar, Structures and other Finished Steel products in pan India; except North India’s market.
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