Indian steel prices moved tight range during festive season

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Over the past week or so, the Indian steel prices have traded in very tight range. It was seen that billet and sponge iron ore offers slightly fluctuated by INR 100-500/MT, over thin trade activities and ongoing festivities.

Central India based integrated plants offered sponge P-DRI at INR 15,400-15,500 per tonne. Earlier in the month, the producers have sold out good quantities at INR 15,300 per tonne. Meanwhile, the offers for induction furnaces grade billet were reported at INR 25,300-27,500 per tonne.

Indian domestic pig iron offers saw marginal fall of INR 200-500 per tonne. In Odisha, the offers for steel grade pig iron were reported at INR 23,500 per tonne (ex-works).

Long and flat steel prices were broadly steady as the trading activities remained more or less inactibve for the week due to festive holiday mood in the market.

Towards the end of the week, it was reported that Essel Mining, an Odisha based iron ore miner, have reduced its iron ore prices by INR 100-200 per tonne, for rest of the October deliveries.