In week 51, Indian semi finish market remained on positive side as prices gained steeply by INR 200-700/MT across major regions. The gain in prices is supported by improvement in demand from finished steel market coupled with anticipated imposition of safeguard duty and MIP on steel products.
Sponge iron prices rose by INR 200-500/MT and billet by INR 200-700/MT in domestic market. While, Pig iron prices remained stable with minor corrections of INR 100-200/MT in Durgapur.
Week 51 highlights
1. 78-80 FeM sponge iron prices assessed in Durgapur at INR 12,450/MT (+150), Rourkela at INR 11,650/MT (+400), Raipur at INR 13,150/MT (+550) and Bellary at INR 12,200/MT (+200).
2. P-DRI prices hovered in the range of INR 10,900-11,950/MT in domestic market.
3. Billet price movement in Durgapur at INR 20,400/MT (+350), Rourkela at INR 19,900/MT (+400), Raipur at INR 21,300/MT (+700), Mumbai at INR 22,700/MT (+200) and Hyderabad at INR 23,000/MT (0).
4. Imported South African Iron ore lump offers for ready stock fell by USD 6-7/MT to USD 47/MT, CFR Kandla this week.
5. There is no change in iron ore and pellet prices.
6. Scrap prices remained firm at USD 190-195/MT for HMS and USD 205-210/MT for shredded scrap.
Week 52 prospects
1. Semis makers are hopeful and expecting positive sentiments in near term. Besides, they are in wait & watch condition till the announcement of safeguard duty and minimum import price (MIP).
2. Imported scrap offers are likely to remain stable till Jan’16 on account of pre-stocking amid winter season.
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