HR Coil prices continue to slide in North India. Prices have already corrected by INR 1,500-2,000/ MT in two months. But, in last week, HR Coil prices touched as low as INR 39,600/MT levels in Faridabad & Delhi.
HR Coil prices have seen marginal improvement this week after touching INR 39,600/MT levels due to temporary shortage of Coils. SteelMint learned from market sources that SAIL’s Bokaro plant was under maintenance and there was some inventory deficit in stockyard. This temporary shortage led to minor price appreciation. Currently, HR Coils are trading at INR 40,000/MT levels in Faridabad.
“We are offering HR Coils of 3-10 mm thickness at INR 40,000/MT. There has been marginal improvement in prices this week. But, we expect prices to fall by another 3% after 15 Dec, 2014.”
Hot Rolled Coil trading in Mumbai too remain subdued as there are no signs of improvement in demand. Meanwhile, imported HRC offers from China continues to fall.
“Currently, imported Coils are offered at INR 39,500-39,750/MT, but next week we expect these offers to fall further by INR 1,000-1,500/MT levels for bulk orders. Surprisingly, some domestic manufacturers are holding the price levels of INR 41,500-42,000/MT, which are not competitive at current levels,” said a dealer in Mumbai.
Similarly, trading activities in Hyderabad also remained dull on account of poor demand and delayed payments from consumers. Moreover, the division of states has led to significant fall in Flat steel trading volumes. Short supply from SAIL’s Bokaro unit was also reported in Hyderabad.
Prices from Week 36-49. All prices in INR/MT are inclusive of ED, VAT extra
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