Indian HR/CR Prices Unchanged, Demand remains Muted

After the recent price hike of INR 500-1,000/MT in flat products from manufacturer’s end last week, HR/CR prices have remained stable this Monday.

Currently 2.5mm HRC is assessed at INR 35,000 (ex-Delhi and Mumbai) and at INR 35,000-36,000/MT (ex-Chennai), prices include excise of 12.5%.

Whereas, 0.9mm CRC is assessed at INR 39,500-40,000 (ex-Mumbai and ex-Delhi) and at INR 39,000 (ex-Chennai), prices include excise of 12.5%.

Post MIP, there has been an effective increase of INR 6,000-6,500/MT in flat product prices. This has resulted in domestic prices coming almost at par with the landed cost of import (at MIP rate).

“Demand in domestic market is quite sluggish and after the recent price hike by Indian manufacturers, landed cost of imports is almost at par with domestic prices. Indian buyers have once again started showing their interests in imported material ”, quoted a trader based in Delhi.

Additional Effort towards Import Restriction

In an another move to restrict steel imports in to India, steel majors have decided to file a petition with with DG Anti-Dumping & Allied Duties (DGAD) for imposition of anti-dumping duty on – hot rolled flat products of alloy and other alloy steel, in coils of a width of 600 mm or more.

The petition has been accepted by the DGAD and if sources are to be believed DGAD has started investigation in the case by asking from Korean and other countries’ embassies for information of steel exports to India.

HR/CR Prices as on 11 Apr’16

Source: STeelMint Research