- Domestic trade-level prices remained stable
- Exports pick up pace; imports begin to slow down
Trade-level hot-rolled (HR) and cold-rolled (CR) coil prices remained range-bound w-o-w in the assessed markets However, HR coil prices in Bangalore and Ahmedabad experienced declines. Notably, Bangalore prices dropped by INR 1,200/t ($15/t), bringing the range to INR 55,000-56,000/t ($664-676/t), and Ahmedabad prices decreased by INR 900/t ($11/t), with the new range being INR 55,000-56,000/t ($664-676/t). Overall, trading activity remains subdued, with market participants awaiting potential price support measures from steel mills.
BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8mm) prices remained stable at INR 52,700/t ($636/t) on 12 March 2024, compared to the previous week. Also, CRC (IS513, Gr O, 0.9mm) prices remained stable at INR 61,300/t ($740/t) during the same period. These prices are quoted exy-Mumbai, excluding 18% GST, and are for cut-to-length (CTL) deliveries. (INR 1 = USD 0.0120722 ; USD 1 = INR 82.8347)
Concurrently, the assessed prices of hot-rolled plates (IS2062, Gr E250, 20-40mm) on a weekly basis exhibited stability, averaging INR 61,100/t ($738/t) within the broader range of INR 57,000-64,000/t ($688-773/t). These prices are quoted exy-Mumbai, excluding 18% GST.
Market updates
Domestic trade-level prices remain stable: Limited trading activity continues to plague the market driven by selling pressure with the financial year-end approaching.
“Traders’ market sentiments are still clouded with concerns around the price support for February and now March. Although lacklustre market activities are exerting pressure on prices, a few mills, seeing good volumes in exports, are trying to avert any actions around providing any price support,” a reliable industry source pointed out. Few others are also concerned about the approaching elections, and liquidity issues.
Indian HRC export prices remain stable: BigMint’s India HRC (SAE 1006) export index (for the Middle East and Vietnam) inched down to $590/t FOB east coast India against $593/t FOB last week.
Indian HRC exports to the Middle East are steady at $620-625/t CFR, but uncertainty prevails. Chinese HRC offers to Vietnam declined to $560-570/t CFR, while SHFE HRC futures dropped to RMB 3,785/t ($528/t) on 12 March.
Meanwhile, Indian HRC export prices to Europe (S275, 3mm) decreased by approximately $5/t w-o-w due to reduced demand. Current offers stand at $660-670/t CFR Antwerp ($610-620/t FOB east-coast India), down from last week’s $665-675/t CFR Antwerp.
Exports pick up pace; imports begin to slow down: India’s export of bulk hot-rolled coil (HRC) and plates were 2,96,173 till 11 March 2024, according to the vessel line-up data tracked by BigMint. Total export volumes reached 6,42,422t, in February 2024 against 4,58,120t in January 2024.
India’s imports of bulk hot-rolled coil (HRC) and plates were at 64,021t till 11 March 2024. Total import volumes reached 4,65,276t, in February 2024 against 6,60,344t in January 2024.
