Indian flat steel traders not bullish on market till November

Indian HR and CR steel market remained flat with primary steel producers keeping their November prices unchanged. Market traders are not too bullish on demand for coming weeks and blame poor demand from construction and automobile sector and liquidity issue for subdued prices.

“We are not very hopeful on revival in demand as off-take is really poor. Although imports are not a threat at the moment, as falling rupee is not supporting it. Manufacturers keep their offers unchanged at Rs 33,500-34,000/t (Basic, Ex-Works).

Also limited supply of iron ore all across the country has not reflected any impact on steel prices in India.” said a trader and importer based in Mumbai.