ERW patra pipe (41-60 OD) prices increased w-o-w in Raipur and Mandi Gobindgarh. Mandi saw an INR 800/t w-o-w increase in prices, while in Raipur prices rose by INR 600/t. This price movement comes alongside improved trades this week, an increase in raw-material prices, the market buzz around the imposition of safeguard duties, and the oral hearing on anti-dumping duty on Vietnamese HRC.
On a day-on-day (d-o-d) basis, prices weakened in both markets. Prices dropped by INR 200/t in Raipur on Friday, while tags in Mandi Gobindgarh slipped by INR 300/t.
Current steel prices are INR 42,000/t in Raipur and INR 44,200/t in Mandi Gobindgarh. Listed prices are ex-works (exw), excluding 18% GST.
Weekly average prices:
The prices increased in both Raipur and Mandi markets compared to last week.
Raipur: Prices increased by INR 600/t w-o-w to INR 42,000/t on Friday. Trade volumes of around 2,500 t were recorded this week.
Mandi: Prices rose by INR 800/t w-o-w on Friday to INR 44,200/t from INR 43,400/t on 21 February. Trading activities of around 2,000 t were observed this week.
Improved demand:
The market prices increased this week amid the market buzz around the oral hearing on anti-dumping duty (ADD) on the Vietnamese HRC imports, along with the prospects of an announcement on steel import duty in March 2025. This in turn pushed the buyers to start procuring this week. Furthermore, participants anticipate the prices to rise in the first week of March. However, the oral hearing on ADD on the Vietnamese HRC was postponed on 27 February.
Raw materials price impact:
HR strip (patra) prices showed an INR 600/t increase w-o-w at INR 41,600/t exw Raipur as on 28 February. Similarly, patra prices in Mandi nudged up by INR 800/t w-o-w to INR 43,400/t compared to INR 42,600/t last week.
Billet prices in Raipur rose by INR 650/t w-o-w to INR 40,000/t exw Raipur on 28 February compared to INR 39,350/t last week. The billet prices in Mandi also edged up by INR 450/t w-o-w to INR 42,450/t exw Mandi compared to INR 42,000/t last week.
Outlook:
ERW patra pipe prices are likely to exhibit stability in the near term. The fluctuations in demand and trade volumes may keep prices from increasing consistently. However, market participants show some optimism considering factors such as raw material price fluctuations and supply-demand dynamics of the market with the buying expected to rise with the fiscal year-end around the corner.
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