Scrap and Metallics
SteelMint’s price assessment for sponge P-DRI (FeM 80%) in Bellary moved down to INR 31,500/t exw (- INR 800), and CDRI to INR 33,050/t exw (- INR 700) w-o-w. Trades comprising 21,100 tonnes (t) of sponge iron (PDRI and CDRI combined) have been recorded since last week. Due to reduced finished steel sales across India, buying demand in sponge remained low.
Semi-finished & finished long steel
From the previous week, Hyderabad saw slow demand in both the semi-finished and finished long steel categories. Market activity for billets was moderate amid weak finished steel sales. Moreover, according to data acquired by SteelMint from reliable sources, a few billet deals were also reported from the Chandrapur, Maharashtra region.
Market overview
One of the main causes of the lacklustre demand for billet and rebar in Hyderabad, which ultimately had an impact on trade volumes, was the persistently heavy and continuous rain.
Looking at the Chennai area, scrap prices (HMS 80:20) are currently at INR 37,200/t DAP basis (+ INR 400) week-over-week due to a shortage of scrap in the market.
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