IRON and STEEL
Indian Ferro Manganese prices raises for the first time in CY19. The prices have seen a long trend of decline until this week. Prices in Durgapur increased by INR 1000/MT and for Raipur the prices increased by INR 500/MT.
SteelMint learned from market sources that the rising Manganese Ore prices is one of the major reasons for increasing offer prices, as the supply demand dynamics are constant. Increased Ore prices have compelled the producers to raise their offers. Prices are however, likely to remain firm as there are very few producers of Ferro Manganese and most of them are already supplying to SAIL.
Ferro Manganese prices for Ex-Durgapur increased to INR 75,000/MT and Ex-Raipur increased to INR 74,000/MT. Export prices also increased by USD 10/MT for both HC70% and HC75%. Export quality HC70% is being offered at USD1040/MT and HC 75% is offered at USD 1120/MT.
Meanwhile, SteelMint assessed that the supply and demand is estimated to remain low but constant in the near future. And therefore, the future price movement is likely to depend entirely over the Manganese Ore price trend.
Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Indian steel prices remain slightly surge by INR 100-400/MT on improved inquiries from the domestic buyers. The mid sized mills have raised Billet prices by INR 100-400/MT, Rebar by INR 100-300/MT & Sponge iron by INR 100-200/MT day on day in major markets.
Indian spot steel prices sharply surge by INR 300-600/MT in a day on improved demand in finished steel products amid positive outlook. The sources have reported better response from the stockiest & end user segment.
Oil-to-metals conglomerate Vedanta Ltd said on Tuesday it had been declared the preferred bidder for two copper blocks in the India's western state of Maharashtra.
A government owned steel mill located in eastern India has concluded Wire rod export deals to Nepal for about 8,000-10,000 MT, SteelMint learned from trade sources.