IRON and STEEL
Ferro Silicon prices in India are still unchanged, but the sentiment seems to be turning towards positive. Some of the major producers reported that they have steady demand and are mostly sold out.
Producers in Guwahati have raised the offer prices as there is lesser inventory for spot sale with them. Bhutanese producers have however maintained their prices at lower levels despite good demand, but are likely to increase their prices in line with the raised Indian prices.
Producers from Bhutan are offering Ferro Silicon at INR 71,000/MT Ex- Bhutan. Ferro Silicon prices Ex-Guwahati is in the range of INR 72,000-72,500/MT. However, a deal for 500 MT was heard to be concluded at INR 72,500/MT. In the export market, prices remained unchanged for Ferro Silicon (75%) at USD 1160/MT FOB Kolkata.
On the Future Outlook, Ferro Silicon prices have a decent chance to rise from here owing to steady demand and low selling pressure. Market sources are of the view that with rising demand the offers may increase next week from Bhutan.
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.