India’s steel sector which was dealing with dwindling demand and cheap imports especially from China finally got some respite after the Indian government announced MIP on steel products on 5 Feb’16.
With this domestic steel products prices increased cumulatively in the range of INR 2,500-3,000/MT. While plate prices increased by INR 1,500/MT post MIP imposition, it remained unaltered last week.
However in recent update from market sources, SteelMInt has been informed that SAIL has increased its plates prices by INR 500/MT. Thus current offers for commercial grade (base size 16-20mm) plates are being assessed at INR 26,500/MT (ex-works) basis.
“SAIL is increasing plate prices gradually depending upon how much market is ready to absorb. However till now the price hike of INR 1,500-2,000/MT is accepted by the market”; quoted a SAIL official.
Meanwhile, safeguard duty investigation is currently ongoing on plates. In public hearing conducted on 10 Feb’16, DG Safeguards have requested petitioners to reciprocate submit their response by 1 Mar’16.
On 28 Oct’ 15, a petition was filed by SAIL, Essar Steel, JSW Steel and Jindal Steel & Power Ltd for imposition of safeguard duty on imports of “Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm”.
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