India – Few Major Mills Cut Domestic HRC Prices

JSW Steel & Essar Steel Steel Cut HRC, CRC Prices for August owing to dull buying interest and sluggish demand prevailing in domestic market.

Recently SteelMint in conversation with market sources learned that major Indian steelmaker -JSW Steel has announced correction in HRC, CRC prices by INR 750/MT for the month of August.However previously in the month of July the company had rolled over flat steel prices over dull trades.

Currently JSW Steel’s HRC prices are assessed in the range of INR 46,200/MT,CRC at INR 51,200/MT for Mumbai location.The prices mentioned above are basic prices excluding GST @ 18%.

However Essar Steel have also decline HRC, CRC prices marginally by INR 500/MT for August.Presently company is offering HRC prices at INR 45,500/MT and CRC at INR 50,500/MT for Mumbai location.The prices mentioned above are basic prices excluding GST @ 18%.

Meanwhile Indian government owned-SAIL (Steel Authority of India Limited) has announced roll over in HRC, CRC prices for the month of August.However as per sources, SAIL is likely to provide rebates or discounts to buyers in domestic market.

Although on other hand prices in traders market continued to remain on lower side on account of sluggish demand and weak buying interest in domestic market.

Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 45,000/MT (ex-Mumbai),INR 45,000-45,500/MT(ex-Delhi) and INR 46,000/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.

Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 50,000/MT (ex-Mumbai),INR 49,500-51,500/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.

Thus slack demand and passive buying has kept major steel manufacturers away from further raising flat steel prices in domestic market for August.

Indian mills focusing on HRC export options to Vietnam– Major Indian steelmakers have shifted their interest to HRC export offers to Vietnam  amid subdued demand in domestic market.Currently Indian steel mills are offering HRC exports to Vietnam in the range of USD 595-605/MT CFR Vietnam.Also Indian mills are likely to increase their allocations for HRC exports in near term.