Jaway Stainless Steel

Steel input material prices mayhem continues for the second day in India

Steel input material prices mayhem continues for the second day in India

Pencil ingot prices had a harrowing second day with correction unabated for the second day.

The market has been witnessing much of activity without any outcome for the past 10 days. Primarily on a correction course with all the negative factors converging on the anvil of monsoon there is barely any respite. Remarkably the scene of action has been pencil ingot prices only with the finished steel prices already remorse for quite some time.

Typically pencil ingot prices are more volatile owing associated speculation. However a prolonged decline is certainly indicative of the fundamentals going haywire. Strangely the global scrap levels are touching dizzying heights which certainly erodes the bottom line of furnace owners when the ingot prices are suffering. The furnace owners unable to push the prices have acquiesced with a lower margin. At the same time the inventory of finished steel is low in the retail segment as buying has been slow for some time. With the monsoon setting in most of the country any respite seems unlikely.

In the trade off the balance is tilted towards a corrective mode or at least stability at low prices after a short burst of correction.

Melting scrap
HMS

Location Change
Mumbai -400
Chennai 0
Kolkata 0
Mandi 88
Kandla -800
Kanpur 0
Rudrapur 0
Hyderabad 0
Ludhiana 0
Bangalore -175


Change is on June 21st as compared to 17th June 2011
In INR per tonne

Sponge Iron

Location Change
Kolkata -200
Raipur -300
Bellary -500
Raigarh -200
Rourkela -200
Bangalore 0


Change is on June 21st as compared to 17th June 2011
In INR per tonne

Pencil ingot

Location Change
Mumbai -700
Chennai 0
Kolkata -363
Mandi -450
Raipur -400
Alang -100
Kanpur 0
Rudrapur 0
Ahmedabad -200
Ghaziabad -400
Muzzafarnagar -272
Hyderabad 0
Raigarh -350
Durgapur -454
Nagpur -272
Jamshedpur -100
Jaipur -500
Rourkela -450
Bhiwari -400
Ludhiana -272


Change is on June 21st as compared to 17th June 2011
In INR per tonne

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Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
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