Few major steel associations including the Bombay Iron Merchants Associations and Steel Chamber of India in a meeting today have announced lock-down in all its steel markets at Mumbai. This also included Kalamboli street market and Cutter works in Taloja. Thus lock-down is effective from midnight 20th Mar’20 till 31st Mar’20. The move is taken in order to combat the impact of COVID-19.
SteelMint learned from its market sources that the lock-down shall have an impact on the steel industry.
“This move may result in an increase in inventories among traders and stockists. This is likely to further pressurize prices in the near term”, shared a major HRC stockist in Mumbai.
Indian HRC trade market – This week Indian HRC market remained bearish on concerns of corona-virus disturbing the buying pattern and material logistics in a few key markets. Also, gradual winding up of business activities as precautionary measure led to poor demand and weak purchases among buyers and end-users.
SteelMint’s current trade reference prices of HRC (2.5-8mm, IS2062) assessed at INR 38,000-38,500/MT (ex-Mumbai) (basic and GST@ 18% extra).
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