Flat Steel Prices Stable Amidst Declining Steel Index; Demand Remains Steady
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Flat steel prices are stable across markets with no changes reported. The Indian steel index is approaching 4-year lows, but production and consumption are expected to grow. Experts forecast sustained demand for steel in September due to strong infrastructure and construction activity.
Flat Steel Price
- Markets reported no price changes in HRC & CRC as compared to the previous day. The prices of flat products in various markets are as below:
HRC offers
- Ex-NCR/Delhi: Rs. 51,000/ton
- Ex-Mumbai: Rs. 51,300/ton
- Ex-Ahmedabad: Rs. 51,800/ton
- Ex-Chennai: Rs. 51,500/ton
- Ex-Kolkata: Rs. 49,800/ton
- Ex-Hyderabad: Rs. 51,000/ton
CRC offers
Ex-NCR/Delhi: Rs. 58,000/ton
Ex-Mumbai: Rs. 61,000/ton
Ex-Ahmedabad: Rs. 62,000/ton
Ex-Chennai: Rs. 61,000/ton
Ex-Kolkata: Rs. 59,000/ton
Ex-Hyderabad: Rs. 61,000/ton
PM Plates prices for Kolkata stand at around Rs. 55,500/ton and Rs. 55,700/ton for Hyderabad on an ex-works basis, respectively.
Flat Steel Demand and Supply
- The flat products sector is experiencing steady demand, with mills and service centers reporting consistent order volumes and stable production levels. Raw material procurement and inventory management also remained steady, indicating a well-balanced market with no signs of supply chain disruptions or demand shifts. This stability is advantageous for the steel industry, signaling a smooth and uninterrupted flow in the supply chain.
Flat Steel News
- India’s steel index dropping to 4-year lows, Sep ’24 appears subdued.
- India's steel index is falling, reaching its 4-year lows, with September 2024 looking subdued. The country's steel production is expected to grow 4-7% to 123-127 million tons in FY24, despite the current slowdown. However, India's finished steel consumption stood at 119.17 million tons in FY23 and is expected to reach 138.5 million tons in FY24.
Expert Opinion
- Industry experts anticipate a sustained increase in steel demand throughout Sep 2024, fueled by ongoing infrastructure initiatives and consistent activity in vital sectors such as construction and real estate. Positive economic indicators and government interventions reinforce this optimistic projection. Building upon the momentum observed in May, the outlook suggests continued growth in demand, portraying favorable conditions for the steel industry in the upcoming month with a robust expectation of enduring high demand.
Daily Market Report
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