Semi Finish Market witnesses Sharp Decline in Offers across India

Stagnant sales, high inventory, pending decision on mining ban in Odisha and upcoming results of elections have made buyers cautious.

• MS Ingot offers across India reduced by INR 700-1,000/MT W-o-W
• Pig iron offers up by INR 200-500/MT in a week’s time
• Re-bar prices in Raipur, Muzaffarnagar & Mumbai declined by INR 700-1,200/MT

Maharashtra, one of the big consumers, and Chhattisgarh, one of the largest producers of finish Long steel in India, now facing a very tough time as sales volume of Re-bar & Structure decreases unexpectedly. However, manufacturers still hope robust sales in coming days as project order will reopen before monsoon.

Mumbai, one of the biggest buyers of finish Long products from Raipur, witnesses stagnant sales in local market. Market sources confirmed, Sponge & Billet demand is absent from past few days.

West Bengal (Durgapur), which is the largest supplier of semi finish & finished steel to nearby states mostly in northern region, is also facing low sales problem. MS Ingot/Billet & Re-bar prices in Durgapur have declined by INR 400-700/MT in last 4-5 days.

Similarly, manufacturers of South India also believe that sales of semi finish & finished steel is declining continuously that has slashed the offers by INR 500/MT for today i.e. 10 May, 2014. MS Ingot is offering at INR 33,200/MT, Re-bar is being quoted at INR 35,500-35,700/MT for 28 mm and P-DRI (77 FeM) is traded at INR 20,000/MT.

Few Plant-wise MS Billet Offers from C.G

• Monnet Ispat is offering Billet (Size 160*160) at INR 31,500/MT Ex-Raipur; advance payment
• Vandana Global is offering Billet at INR 31,700/MT Ex-Raipur; advance payment
• Singhal Steel is offering Billet at INR 31,500/MT Ex-Raigarh; advance payment. However, P-DRI is offering at INR 20,800/MT delivered Raipur; advance payment