Week 19 concluded on sluggish note as semi finish market reported price corrections of INR 100-1,000/MT. In a week, sponge market showed decline in prices by INR 100-400/MT. While, billet market remained almost firm with minor price change of INR 100-200/MT. However, billet offers in south, especially Hyderabad slumped by INR 1,000/MT in the duration.
Meanwhile, India’s largest Pig iron manufacturer, NINL corrected its prices by INR 400/MT. Others followed suit and reduced prices by INR 200-500/MT across major markets, except central India.
Week 19 dynamics
1. 78-80 FeM C-DRI offers assessed at INR 11,400/MT (-400) ex-Durgapur, INR 10,800/MT (-200) ex-Rourkela, INR 12,550/MT (+150) ex-Raipur and INR 11,850/MT (-250) ex-Bellary. Price change is weekly.
2. 78-80 FeM P-DRI prices dipped to INR 10,300-12,600/MT across major markets.
3. 125*125 mm billet prices evaluated at INR 22,500/MT (0) in Durgapur, INR 21,400/MT (-100) in Rourkela, INR 22,150/MT (+50) in Raipur, INR 23,800/MT (-200) in Mumbai and INR 24,000/MT (-1,000) in Hyderabad.
4. NMDC reduced iron ore prices by INR 90-220/MT for May’16.
5. Odisha iron ore prices were under pressure post NMDC price cut.
6. Imported scrap offers remained almost firm; shredded available at USD 295-305/MT, CFR India.
Week 20 prospects
1. Semi finish prices are likely to remain firm or change marginally.
2. Imported scarp offers are expected to remain firm on account of slowdown in buying activities.
3. Pellet prices continue to remain unchanged across major markets due to dull domestic demand.
4. Odisha iron ore prices may correct in the near-term.
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