Indian HRC prices remained stable with offers varying in the range of INR 36,500-38,500/MT (basic) across India. Market participants believe that demand has remained weak in last one month owing to seasonal slowdown and lack of demand from industries.
Earlier, domestic steel manufacturers held prices unchanged for the month of July. But, it is learnt from market sources that companies are giving discounts to sell off their inventories. Some traders also believe that the possibility of price cut cannot be ruled out if domestic demand failed to recover.
Faridabad, which is one of the largest hubs for Flat products in the north region, has seen some minor discounts in trading prices.
One of the traders who mainly deal in Hot Rolled products said, “Currently, we are offering HR Coils of 2.5 mm at INR 42,400/MT (including ED, VAT extra). We haven’t seen any good revival in demand this month.”
Similarly, markets in Hyderabad remained weak and sales remained dull. One of the tube manufacturers based in Hyderabad recently purchased HR Coils from a primary manufacturer at about INR 38,000/MT (basic) on Ex-Site basis.
Mr. Kautilya Cyclewala from Industrial Metals, one of the steel importer based in Mumbai, while talking to SteelMint said, “Currently, we are getting better offers from Korea & Japan. We are offering HR Coils from Hyundai Steel at INR 38,500/MT on Ex-Plot basis.”
It is also learnt from market sources that imported offers are in the range of USD 540-560/MT CFR Nhava Sheva.
Market participants say that despite lower demand in the domestic market, importers are willing to take position aggressively as supply of domestic products remain a concern and traders are unable to meet the current demand of their customers.
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