Seasonal demand pushes MS Billet prices up by INR 700-1,400/MT owing to lower production.
MS Billet prices improved upto 1,400/MT in M-o-M basis. Prices have improved continuously owing to low production of MS Ingot/Billet and improved buying of finish Steel. In domestic (India) Re-bar prices have witnessed a hike in the range of INR 900-1,500/MT in a month’s time. Market sources believe that trade volume of semi finish is not encouraging but good demand of finish long across India is supporting semi finish and finish steel market.
Mandi Gobindgarh: MS Ingot prices moved up by INR 400/MT in a week’s time. SteelMint learned presently only 30-40% furnaces are running. Ingot units are closing down due to low conversion gap and non availability of raw material. In contrary Billet supply from Durgapur and Rourkela is also not encouraging. High freight cost and shortage of vehicles due to winter season impact the delivery. Traders are purchasing Billet at INR 28,800/MT (Ex Durgapur advance payment) for Mandi.
[su_note note_color=”#8c8c8c”]According to a broker “low production in North India is a trigger for demand in Bengal and Rourkela market’’.[/su_note]
Scrap prices has seen a rise by INR 400/MT in W-o-W basis on shortage, offers for HMS (80:20) is at INR 26,900/MT.
Raipur: Sponge Iron prices continue to remain range bound at INR 20,000-20,300/MT over limited production owing to low availability of Iron ore. Billet Offers Increased by INR 200/MT in W-o-W basis. ‘Buying at this moment is standing at average level, in local market offers for Billet are at INR 28,800-900/MT, we don’t expect any fall but price will remain positive in coming days’’ said a Billet manufacturer.
Export: Manufacturing sources said Rourkela is Exporting Billet to Bangladesh at INR 28,200/MT (Ex-plant Rourkela).
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