Today, Indian semi finish market has opened with a sharp rise in prices. Alongside, finish long market has also improved steeply. Ingot/billet prices across major markets have jumped by upto 500/MT. While, rebar prices today have surged by upto 1,000/MT in central India.
The key factors of such sharp hike are depreciation in Indian Rupee and expected imposition of safeguard duty anytime soon by Indian government. These factors have accelerated the markets in a day.
Sponge iron price movement across major markets are Durgapur at INR 15,750/MT (+ 350, 78 FeM), Rourkela INR 14,700/MT (+ 400; 80 FeM) and Raipur INR 16,150/MT (+ 450; 80 FeM). While, billet is being offered at Mandi Gobindgarh at INR 27,000/MT (+ 400), Rourkela INR 22,400/MT (+200), Raipur INR 23,400/MT (+ 450), Mumbai INR 25,500/MT (+200) and Hyderabad INR 24,400/MT (+ 400). All prices have risen in just 2-3 days.
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