Flat Steel Prices Drop in Southern Regions by Rs 500-1,000/ton
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Flat steel markets reported no price changes except in the southern region, where prices dropped by Rs 500-1,000/ton. HRC demand has decreased due to weakened local demand and increased imports. Indian HRC producers reduced prices to remain competitive.
Price
- The flat steel markets have reported no price changes in major locations except in the southern part, where prices fell by Rs 500-1,000/ton compared to the previous day. The prices for major locations are mentioned below.
- The HRC offers are below
- Ex-NCR/Delhi: Rs. 54,000/ton
- Ex-Mumbai: Rs. 54,000/ton
- Ex-Ahmedabad: Rs. 54,500/ton
- Ex-Chennai: Rs. 55,000/ton (Down Rs 1,000)
- Ex-Kolkata: Rs. 53,000/ton
- Ex-Hyderabad: Rs. 53,000/ton (Down Rs 500)
- The CRC offers are below:
- Ex-NCR/Delhi: Rs. 62,000/ton
- Ex-Mumbai: Rs. 64,500/ton
- Ex-Ahmedabad: Rs. 64,500/ton
- Ex-Chennai: Rs. 66,500/ton
- Ex-Kolkata: Rs. 61,000/ton
- Ex-Hyderabad: Rs. 63,000/ton
- PM Plates prices for Delhi NCR stand at around Rs. 59,500/ton and Rs. 58,700/ton for Mumbai on an ex-works basis, respectively.
Demand and Supply
- The demand for Hot Rolled (HR) plates, crucial for fabrication and construction applications, has significantly decreased. Industries such as construction and automotive are facing diminished operational activity.
- The recent decline in domestic Hot Rolled Coil (HRC) prices in India is attributed to weakened local demand and a rise in import volumes. This situation is creating a challenging market environment for domestic steel producers, who are contending with oversupply issues and heightened competitive pressures.
News
- In August 2024, Indian Hot Rolled Coil (HRC) producers reduced list prices by Rs 1,000-2,000/ton month-over-month. This decision is driven by market factors, including a slowdown in demand from key sectors like construction and automotive. Producers aim to stay competitive in the evolving steel industry landscape.
- The price reduction highlights ongoing adjustments in the Indian steel market in response to economic and industry conditions. Buyers and industry players must stay informed about these changes to make strategic decisions and manage costs effectively.
Expert Opinion
- The sustained negative spread between Hot Rolled Coil (HRC) and rebar prices has fostered a bearish sentiment in the short term. Market participants are apprehensive that this persistent trend may indicate weakening demand for HRC or an emerging oversupply scenario. Steel producers and investors might need to recalibrate their strategies to navigate the challenging pricing landscape.
Daily Market Report
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