This week Indian flat steel prices have remained unaltered. Slow demand and supply constraints have kept domestic flat steel prices supported.
Few trade sources shared that Tata Steel Kalinganagar plant is facing technical issue in their integrated blast furnace, Steel Melting Shop (SMS) and Hot Strip Mill (HSM) which lead to temporary shutdown of mill for few days. The repair work has been started and company will resume their operations by last week of Feb ‘18. However actual production will come up from March.
A market participant based in Mumbai commented that, amid supply constraints, domestic flat steel prices is expected to remain firm in near term .Meanwhile steel mills have adopted wait and watch mode for next price revision which may take place next month.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 43,500- 44,000/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi),INR 44,500MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Trade reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 48,000-48,500/MT (ex-Mumbai) INR 48,000-48,500/MT (ex-Delhi) and INR 48,000-48,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Earlier this month, amid reduced supply and optimistic demand from automobile sector Indian steel mills raised flat steel prices by INR 1500-2000/MT for Feb deliveries.
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