In Raipur (Chhattisgarh) and Mumbai (Maharashtra), India’s largest steel producing states, Structure (Light & Heavy) offers have further fallen by INR 500-1,000/MT in a month.
- Structure prices in last 3 months have declined by INR 2,000-3,000/MT across India
- Ingot/Billet prices in Raipur, Durgapur, Mumbai & Mandi have fallen by INR 1,000-2,000/MT in the same duration
- Scrap (HMS) prices in Mandi, Alang, Mumbai & Chennai fell by INR 1,000-2,500/MT. While, imported Scrap offers down by USD 62-72/MT (INR 3,800-4,500/MT) in 3 months
Indian Long steel manufacturers are bounded to reduce their offers owing to slowdown in sales because of payment crisis in the market. Currently, 40 Angle in Raipur is being offered at around INR 31,800-31,900/MT. While in Mumbai, it’s traded at INR 33,900/MT through mill operators.
“Liquidity crunch is one of the major factors for price correction in the domestic market. Trade volume remains low since last few months, which bounded us to run mills only for 12-16 hrs in a day,” mentioned mill owners based in Jalna.
Amid bearish sales in finished steel (Rebar & Structure), semi finish (MS Ingot/Billet) offers have also corrected by INR 1,000-2,000/-MT in the domestic market. Currently, Ingot is trading in the range of INR 28,000-31,000/MT.
For future prospect, market players shared, “There is less possibility for price hike. In case demand picks up, manufacturers are likely to raise the production.”
Note: All prices are basic on ex-works basis; all taxes applicable.
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