Domestic semi finish market reported weak prices as it dipped by INR 100-750/MT across major markets on account of limited trade activities. However, prices went up and down during this week. Sponge market showed minor price change of INR 100-150/MT, while, billet offers dipped sharply by INR 200-750/MT. Major fall in billet prices was seen in Chennai (-750), followed by Rourkela and Durgapur (-300).
Meanwhile, India’s largest Pig iron manufacturer, NINL reduced its prices by INR 400/MT and others followed suit and declined their offers by INR 200-600/MT in a week. Major fall of INR 600/MT reported in Hyderabad, followed by Rourkela (-500) and Durgapur (-400).
Week 22 dynamics
1. 78-80 FeM C-DRI offers assessed at INR 11,300/MT (-100) ex-Durgapur, INR 10,200/MT (-100) ex-Rourkela, INR 12,300/MT (0) ex-Raipur and INR 11,400/MT (-150) ex-Bellary. Price change is weekly.
2. 78-80 FeM P-DRI prices dipped to INR 10,250-12,300/MT across major markets.
3. 125×125 mm billet prices evaluated at INR 21,350/MT (-300) in Durgapur, INR 20,600/MT (-200) in Rourkela, INR 21,250/MT (-300) in Raipur, INR 23,000/MT (-500) in Mumbai, INR 23,100/MT (-750) in Chennai and INR 22,500/MT (0) in Hyderabad.
4. Indian iron ore prices remained stable, while, global prices hit 3-month low level.
5. Pellet buying in domestic market continued to remain weak amid limited buying interest. Few east Indian pellet makers reduce offers by INR 100/MT, whereas, pellet offers in Raipur remained stable at INR 4,000-4,100/MT (basic) for Fe 63%.
6. Imported scrap offers moved up by USD 10-20/MT; shredded was available at USD 270-275/MT, CFR India.
Week 23 outlook
1. Semi finish prices are expected to remain volatile in domestic market.
2. Imported scrap trade will remain quiet and offers may change marginally.
Leave a Reply