North India buying of MS Ingot/Billet from central & eastern is not supporting owing to poor sales in finish long market in North India. This led to fall in MS Ingot/Billet offers by INR 500-1,000/MT in a week’s time across the country.
Semi finish & finished steel manufactures are under pressure to decline their offers looking fall in sales volume compared to last month. Pressure is also been notice to Re-bar prices that reduced by INR 300-600/MT W-o-W.
Raw material: Major players have kept Pig iron trade offers unchanged for rest of the month as demand of the material is not encouraging. NINL market players commented, prices have increased by INR 200-250/MT but discount slab has increased that will stick trade price to same level. Pig iron production remains high as supply remains subdued.
NINL is offering Steel grade Pig iron at INR 23,000-23,500/MT, whereas RINL at INR 23,750/MT.
Sponge prices across India have reduced by INR 300-500/MT in a week owing to low production of furnace and poor buying sentiment.
Pressure on Scrap offers (domestic and international) remains high due to low sale in finish Long steel. Manufacturers based in Maharashtra & southern region of India are not interested to purchase Scrap at high prices which led to fall in Imported Scrap offers. Earlier, Scrap in Dubai was offered at USD 395/MT CFR Mumbai, now it is being offered at USD 390/MT CFR Mumbai.
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