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.
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.
Department of Mines and Geology (Govt. of Karnataka) has floated the tender for auctioning of 4 iron ore blocks in Karnataka for its 4th phase.
Indian Silico Manganese Prices are under pressure due to various factors as it is highly dependent on the inventory level possessed by the producer and the region they are offering from and also the grade quality.