Indian Semi finish steel market remained flat last week (12-17 Aug). However, market participants anticipate correction and improvement in demand.
MS Ingot prices in Mandi Gonbindgarh that is considered as a benchmark fell marginally by Rs 50-100/MT, giving a stable sentiment to other markets across the country. Trade volumes have increased in last week as compared to the week earlier.
Raipur’s market restarted Ingot production on the 13 Aug ’13, and immediately prices in the local market witnessed a fall by Rs 300-400/MT as sellers were keen on clearing their stocks. Jalna continues to maintain production in night shift.
Billet supply from East/Central India (Durgapur, Raipur and Raigarh) continued to dominate North India’s local manufacturer prices. As, FoR price from this region is lower by Rs 300-400/MT from local manufacturer prices.
Sponge prices fell sharply in South India, as low Iron ore prices put pressure on Sponge prices which fell by Rs 800-900/MT W-o-W.
In contrary, price in North and East India continued to remain stable over limited Iron ore availability and production. Prices increased marginally by Rs 100/MT.
Re-bar prices had mix trend over the week. Prices in Western India showed improvement by Rs 200-300/MT W-o-W. Whereas, prices in Central India reduced by Rs 200/MT as buying from M.P and Southern market remained absent. A trader based in North India said, “Low inventory at retail end can trigger the sale at any time; as demand will improve after monsoon.”