The long product prices in India have shown a downtrend in the opening week of October as the country beckons festivals. Although much is expected in the long product market as prices have been cooling it heels for almost a quarter awaiting resurgence during the 2nd last quarter traditionally characterized by spike in activity after the culmination of monsoon.
The expectation is amplified as recession has played havoc with the market nipping in the bud any semblance of revival either due to lack of demand in the market or the import monster raising its head.
The market has gone in a huddle as the international scrap prices have plummeted by USD 40 per tonne over the last 1 month and buyers have started postponing their requirement expecting further decline thereby sucking input materials (billets and pencil ingots) under its fold.
September and October is beset with major Hindu festivals viz., Dussehra, Diwali and Chaath leading to shortage of labour mellowing the construction activity.
TMT
Fe 415
12mm
Location Change
Mumbai -901
Chennai -500
Kolkata -312
Delhi -1729
Mandi 312
Kanpur -200
Ahmedabad -675
Indore -1300
Change is on October 6th 2009 as compared to October 1st 2009
Change is in INR per tonne
(Source : www.steelprices-india.com)
Structural Steel
Product ANGL CHNL JSTI
Grade GR A GR A GR A
Size 65x6 75/100 250x125
Mumbai -901 -901 -901
Kolkata -208 -1040 -1040
Mandi -416 -416 -104
Raipur -1352 -1040 -520
Ahmedabad -1126 -901 -520
Indore -400 -500 0
Change is on October 6th 2009 as compared to October 1st 2009
Change is in INR per tonne
(Source : www.steelprices-india.com)
With the international long product prices maintaining a negative parity with parity at USD 480 per tonne whereas import is feasible only at USD 530 per tonne keeping the domestic supplier agog with hope of rebound in buying once the festivals are over and normal activity resumes in the first week of November.
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(Sourced from www.steelprices-india.com)
Tuesday, October 6, 2009
Long shadows under Diwali Lights in India
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