Domestic semi finish market this week was on positive side as prices rose by INR 300-700/MT across major markets on account of slight improvement in trade activities. Sponge market showed minor price change of INR 100-400/MT, while, billet offers rose sharply by INR 300-700/MT. Major rise in billet prices was seen in Mumbai (+700), followed by Durgapur (+350) and Rourkela (+300).
However, Indian Pig iron prices declined by INR 200-600/MT. Major fall of INR 600/MT reported in Rourkela, followed by Durgapur (-450) and Hyderabad (-300).
Week 21 dynamics
1. 78-80 FeM C-DRI offers assessed at INR 11,400/MT (+400) ex-Durgapur, INR 10,300/MT (-100) ex-Rourkela, INR 12,300/MT (0) ex-Raipur and INR 11,550/MT (-50) ex-Bellary. Price change is weekly.
2. 78-80 FeM P-DRI prices dipped to INR 10,350-12,300/MT across major markets.
3. 125*125 mm billet prices evaluated at INR 21,650/MT (+350) in Durgapur, INR 20,800/MT (+300) in Rourkela, INR 21,550/MT (+150) in Raipur, INR 23,500/MT (+700) in Mumbai and INR 22,500/MT (0) in Hyderabad.
4. Odisha miners namely Rungta Mines, KJS Ahluwalia and Kaypee Enterprises reduced iron ore prices.
5. Pellet prices in western India declined by INR 500/MT. Minor reductions seen in other regions over dull domestic buying interest.
6. Imported scrap offers fell by USD 10-20/MT, shredded was available at USD 270-280/MT, CFR India.
Week 22 prospects
1. Semi finish prices are expected to remain firm.
2. Imported scrap trade remain quiet and expected to open with downward sentiments by USD 10-20/MT in week 22.
3. Other Odisha based iron ore miners may also reduce their offers, following price corrections by large merchant miners.
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