Indian Flat Product Prices Firm Post Holi Week

With expected price hikes by steel majors in upcoming month of April, domestic flat products prices have remained stable since last two weeks.

SteelMint has heard from its market sources that domestic prices of HRC/CRC have remained unchanged post Holi festival given the expected price hikes by the manufacturers in first week of April.

Current offers for 2.5mm HRC are being assessed at INR 34,500/MT (ex-Delhi and Mumbai) and INR 35,000/MT (ex-Chennai).

0.9mm CRC offers are are heard at INR 39,000-39,5000/MT (ex-Delhi and Mumbai) and INR 38,500/MT (ex-Chennai).

“Due to upcoming financial year end on 31 March there is no movement in the market as buyers and sellers both are willing to make transactions only in new financial year”, quoted a trader based in Faridabad.

Indian steel majors, JSW Steel, Tata Steel, SAIL and Bhushan Steel are anticipated to increase flat products prices by INR 1,000-1,500/MT in the month of April.

The effective increase in flat products rates post MIP is around INR 4,000-5,000/MT. And with further increment in prices in the month of April, the effective hike will be in the range of INR 5,500-6,000/MT.

Government’s Final Call in HRC’s Safeguard Duty Case

After the DG Safeguards’ recommendation on 16 Mar’ 16, to continue safeguard duty on HRC till March 2018, the government have announced its final verdict on the same yesterday.

Safeguard duty is decided to be continued on ‘Hot Rolled Flat products of non-alloy and other alloy Steel in coils of width of 600mm or more’. However, varying duty structure is recommended for each year till March 2018 which are as follows: