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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