Week 47 concluded with a positive note as semi finish prices in domestic market remained almost stable with minor fluctuations in few regions. Sponge iron and billet prices declined by INR 200-400/MT W-o-W in central and southern regions.
However, viewing at persistent fall in iron ore prices, Pig iron prices fell sharply by INR 500/MT this week. Besides, RSP had opened its offers after a long time at INR 15,900/MT.
Week 47 key dynamics
1. C-DRI prices in Durgapur are assessed at INR 12,100/MT (78 FeM; -250), Rourkela at INR 11,350/MT (78 FeM; 0), Raipur at INR 12,900/MT (80 FeM; -400) and Bellary INR 12,600/MT (78 FeM; -200).
2. P-DRI prices across major markets touched the lowest level of INR 10,800-12,700/MT.
3. Billet price movements in Durgapur at INR 20,050/MT (-50), Rourkela at INR 19,200/MT (-200), Raipur at INR 19,750/MT (-450), Mumbai at INR 21,700/MT (+100), Chennai at INR 20,250/MT (-50) and Hyderabad at INR 21,600/MT (-400).
4. Odisha miners reduced iron ore lump and fines prices by upto INR 350/MT. Meanwhile, pellet prices remained stable, except in west India – prices declined by INR 300/MT. Also, iron pellet buying in central regions improved slightly.
5. Imported Shredded scrap offers raised by USD 5/MT to USD 205-210/MT, CFR India. Buying from Turkey was good last week and pre-winter stocking has lifted price in global market.
Week 48 key prospects
1. Semis market is expected to be volatile.
2. Pellet prices in south India may reduce marginally.
3. Imported scrap prices are expected to remain at a positive side, viewing at aggressive buying in international market.
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