Indian producers likely to keep Flat prices same for August

Indian flat steel producers likely to keep offers unchanged for August reported market participants.Current prices are hovering in the range of INR 35,000-36,000/t ($625-640) ex-works for 2.5 mm HR coil.

“We bought HR coil from Tata steel at Rs 35,600/t,ex-works and we can sense some demand coming in the month of August.”said a tube manufacturer based in Jamshedpur.

Last two months were very dull,over that cheaper imports have also weighed on prices.But we feel prices will be kept unchanged for August as they have almost touched bottom, he further added.

Market participants also report that Chinese HR prices have started firming up after it went down to $580-590/t CFR India.