Indian semis makers are under pressure due to halt in MIP imposition, which was expected to implement quite early.
Market players were hopeful for the government’s initiative on new minimum import price in order to curb steel import. This delay has majorly affected secondary steel makers as semis prices have slumped by upto INR 2,000/MT in last 3-4 days.
Selling pressure on secondary semis manufacturers is likely to increase further as demand is still not supportive.
In the conversation with few large billet and sponge makers, SteelMint assessed that the manufacturers are not in hurry to sell material at cheaper prices due to bulk deals in previous weeks. If buying will not improve, number of sellers will increase in the market in contrast to buyers.
However, the manufacturers in Chhattisgarh and West Bengal are planning to hold the declining prices through opening minimum trade price forming a group of minded sellers.
Current MS billet prices with W-o-W and M-o-M
| Particular | Prices | W-o-W | M-o-M |
| Ex-Mandi Gobindgarh | 23,700 | -1,500 | 250 |
| Ex-Durgapur | 21,100 | -1,400 | 1,100 |
| Ex-Rourkela | 20,650 | -1,200 | 1,250 |
| Ex-Raipur | 21,250 | -1,750 | 800 |
| Ex-Ahmedabad | 23,500 | -1,850 | 550 |
| Ex-Jalna | 22,900 | -1,500 | -100 |
| Ex-Mumbai | 22,400 | -1,900 | 0 |
| Ex-Chennai | 22,250 | -1,200 | 1,350 |
| Ex-Hyderabad | 22,000 | -2,500 | -500 |
Prices in INR/MT
Source: SteelMint Research
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