Hot Rolled Coil (HRC) prices in North India have corrected by INR 300-500/MT, as reported by market participants. Current offers are in the range of INR 38,000-39,000/MT (including ED, VAT/CST extra) for IS 2062 grade of 2.5 mm thickness coil in Delhi and Ludhiana, which are one of the largest Flat steel consuming regions in the country.
“There has been a price cut of INR 300-500/MT on different Flat steel products. However, we were expecting companies to reduce prices by INR 1,000/MT due to weak demand. Current offer for 2.5 mm HRC is INR 38,000/MT from Rourkela and INR 38,750/MT from Bokaro”, said a MoU holder based in Ludhiana.
Another stockist based in Delhi was offering 2.5 mm Coil at INR 38,000-38,500/MT from his yard. While, a tube manufacturer in Jamshedpur (Jharkhand) confirmed to have bought 200 MT Coil at INR 37,200/MT delivered to his plant.
Indian Steelmakers Reluctant to cut Export Offers
Indian Steelmakers continue to hold export offers despite falling offers from China and Ukraine. Current offers are assessed at USD 450-460/MT, FoB West Coast India. Steelmakers are hopeful that the government will increase import duty on steel in coming budget (28 Feb, 2015).
Imported offers to India remained almost stable at USD 420/MT from China and around USD 440/MT from Russia for February loading. However, some deals have been heard to be concluded at USD 400-405/MT levels from China and Ukraine for March shipments.
Note: All prices are inclusive of excise.
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