Scarce trades in the Indian domestic market amid lock-down have kept Indian HRC prices under pressure in the domestic market. SteelMint learned from its market sources that few of the major Indian steel mills have lowered their HRC offers, however, no firm bookings were reported.
Industry participants shared that HRC (2.5-8mm) offers are at around INR 36,000-36,500/MT (ex-Mumbai, GST extra).
SteelMint’s assessment of HRC in the third week of Mar’20 was reported around INR 38,000-38,500/MT (ex-Mumbai, GST extra).
Trade participants also shared that; “domestic prices will continue to remain under pressure over increased stocks in hand, restricted transportation and absence of labourers in the market.”
A Faridabad based trade source shared that “there is still less clarity on domestic price levels. However, the market is expected to open next week, which may give a clear market direction. Although there has been HR coil offers in the market floating around INR 36,000/MT levels, I haven’t heard of any firm bookings.”
In the month of Apr’20, major Indian steel manufacturers had rolled over the domestic offers. Mills remained active in exports to Vietnam, China, UAE etc due to limited domestic offtake.
Leave a Reply