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.
A spokesman of the Afghan ministry of oil and gas rejected media reports claiming that the country has stopped crude imports from Iran.
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.
SteelMint in conversation with market participants learned that Indian HRC import prices from Japan reported decline by USD 15-20/MT in recent booking for July shipments.
It seems that the Graphite electrodes shortage that has cropped up in China in the latter of 2017 amid closure of polluting GE units seems to settle out as considerable surge have been recorded in country’s electrodes production as well as exports for the first quarter of 2019.