Weak demand and cheap imports have weighed on flat steel prices in Indian market. Manufacturers were forced to cut offers to attract customers reported industry sources.
“Flat steel producers are offering a discount of Rs 500-1,000/t for September based on size and quality.Current offers for 2.5 mm HR Coil prevail in range of Rs 35,000-35,500/t (Ex- Works, Basic) down from previous month.” said a tube manufacturer based in Jamshedpur.
Cheap imports from China is a big threat for Indian flat steel industry as landed prices are very competitive, he further added.
Officials from Indian steel companies were unavailable for comment. Import offers vary in range of $530-540/t CFR India.
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