IRON and STEEL
Indian Silico Manganese prices remained stable amid moderate demand. The prices of Silico Manganese were mostly under pressure due to the sluggish steel market.
Most market participants believe that the market conditions are likely to remain unchanged until elections get over in India as the producers are facing major issue over labour availability. However, fresh round of demand may start post elections.
Silico Manganese prices for 60-14 grade in Raipur are in the range of INR 66,000 - 66,500/MT Ex-Raipur and Ex-Durgapur deals are concluded in the range of INR 66,500 - 67,000/MT.Although, deals are being concluded in Raipur at values nearer to INR 66,000/MT. Prices remained same in the export market owing to lacklustre demand and Rupee regaining strength in the last few days. Producers are offering 60-14 grade at USD 960/MT and grade 65-16 is being offered at USD 1060/MT in export market.
On the future outlook, many producers feel that with the reducing ore prices, the Silico manganese prices may correct in the near future or may continue at this levels, but any redemption in the prices seems highly unlikely.
Steel Authority of India Ltd (SAIL) has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
Imported scrap offers to South Asia plunge below 2 years low levels on limited demand
Indian iron ore export volumes for July’19 stood at 2.13 MnT, up 19% as against 1.79 MnT in June’19. On yearly basis, exports increased significantly compared to July’18 at 0.17 MnT.
Alang - Gujarat, has registered sharp growth in imports of scrapped ships in Jul'19 and the volume reached 7 months high since Dec'18, as per custom data maintained by SteelMint.
JSW Steel, India's largest private steel producer has released its monthly crude steel output results today for Jul'19. The company reported decline in its production numbers over dull demand and low buying prevailing in domestic market.
Indian rebar prices of medium and small scale mills hit nearly 2 years low amid constant downfall over dull demand amid heavy monsoon season which has put construction activities on hold. As per SteelMint's assessment the prices slumped by INR 500-1,500/MT (USD 7-21) W-o-W.