Steel Authority of India (SAIL), one of the largest flat steel manufacturers of the country has decided to keep its Hot Rolled Coil (HRC) prices unchanged for the month (Dec’13).
Currently trade prices for HRC across India are in the range of INR 37,500-38,500/MT (Basic, taxes extra). On the other hand prices of CRC are in the range of 41,000-43,100/MT (Basic). Prices of GP for 0.7 and above size are in the range of INR 45,400-46,300/MT (Basic).
Speaking on the outlook of the market, a company official said, demand in the domestic market is not encouraging at this juncture while traders are of the view that prices of flat steel could witness a decline in the near term. However lower imports of steel have given support to domestic prices.
“Current offers are prevailing in the range of INR 37,500-38,500/MT (Basic), where as imported HRC will cost somewhere around INR 38,500-39,000/MT. With sleek demand in domestic market, chances are high that prices may come under pressure in coming months.” said a trader based in Mumbai.
SteelMint learned from the market sources that export of HRC is happening at around USD 525-530/MT, also all the major producers are finding their interest in exporting their material rather than selling it in domestic market; as demand for material is quiet weak. Whereas Essar steel is to increase their prices by INR 500/MT but looking at the market scenario it appears that prices are going to be at the same levels.
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