Domestic semi finish market in week 44 remained bearish with minor price corrections and it is expected that prices may find support at current levels. Sponge iron prices declined slightly by INR 100-300/MT. While, billet market witnessed a sharp price corrections of upto INR 850/MT in domestic market.
Meanwhile, Pig iron prices remained stable across India, except in Raipur as prices corrected by INR 450/MT in a week.
Week 44 highlights
1. C-DRI prices in Rourkela were assessed at INR 13,000/MT (78 FeM; NA), Raipur at INR 11,650/MT (80 FeM; -100) and Bellary INR 12,800/MT (78 FeM; -300).
2. P-DRI prices across major markets are in the range of INR 11,300-13,400/MT.
3. Billet offers are assessed in Durgapur at INR 20,600/MT (NA), Rourkela at INR 19,900/MT (-850), Raipur at INR 20,600/MT (-250), Mumbai at INR 21,900/MT (-800), Chennai at INR 22,200/MT (-450) and Hyderabad at INR 22,000/MT (-700).
4. Odisha miners reduced iron ore lump prices by INR 200-300/MT. While, fines prices remained stable.
5. Imported scrap offers remained stable due to limited trade activities.
Week 45 outlook
1. Semis prices are expected to remain range-bound.
2. NMDC may reduce iron ore lump prices by INR 300-500/MT and fines by INR 200-300/MT, as per market participants.
3. Imported scrap prices may remain firm at current levels.
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