SteelMint learnt from market sources that major Indian steel makers have today announced a roll over in HRC & CRC prices for the month of November. Sluggish demand, weaker trade activities amid liquidity issues along with imported bookings attributed for stability in flat steel prices in domestic market.
Major mills namely JSW Steel, SAIL and Essar Steel have kept prices unchanged for the month.
After roll over, offers from major Indian steel mills HRC (2.5-8 mm) is around INR 46,500-47,000/MT and CRC ( 0.9 mm ) at INR 52,000-53,000/MT.The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis for Mumbai region.
Meanwhile trade participants highlighted that steel makers are likely to announce discounts and rebates post Diwali holidays to escalate buying in domestic market. However prices in traders market remained stable against last week.
Indian steel mills have kept HRC & CRC prices stable for this month as previous hike was not absorbed in the domestic market over dull demand and tedious buying.
Limited export bookings –Meanwhile limited export deals reported from India over significant decline in global offers primarily China and CIS nations. Only few steel mills were active in HRC exports for Vietnam as export prices plunged on reduced bids. Latest HRC export offers from India is assessed around USD 550-555/MT, CFR Vietnam.
Import bookings from Japan reported – Indian importers turned active over import parity from Japan& Korea. Few bookings in October were reported by Southern India based tube and pipe manufacturers.
In the month of October, steel companies had raised HRC & CRC prices by INR 1000-1500/MT on the backdrop of currency depreciation and higher production cost.
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