Flat Steel Prices Stable, but Experts Predict October Hike Amid Demand Surge
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Flat steel prices, including HRC, CRC, PM Plates, and PPGI, remained unchanged across key Indian markets. With China's policy shifts expected to restrict steel exports, demand for Indian steel is set to rise. Experts predict an upcoming price increase in October, with JSPL already announcing a hike of Rs 1,500/ton.
Flat Steel Price:
- Markets reported no price changes in HRC & CRC as compared to the previous day in a few locations. The prices of flat products in various markets are as below:
HRC offers
- Ex-NCR/Delhi: Rs. 50,500/ton
- Ex-Mumbai: Rs. 50,500/ton
- Ex-Ahmedabad: Rs. 51,200/ton
- Ex-Chennai: Rs. 51,000/ton
- Ex-Kolkata: Rs. 49,200/ton
- Ex-Hyderabad: Rs. 50,200/ton
CRC offers
Ex-NCR/Delhi: Rs. 58,000/ton
Ex-Mumbai: Rs. 60,700/ton
Ex-Ahmedabad: Rs. 62,000/ton
Ex-Chennai: Rs. 60,700/ton
Ex-Kolkata: Rs. 59,000/ton
Ex-Hyderabad: Rs. 59,800/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
- Demand is anticipated to rise this festive season, driven by numerous upcoming projects and recent policy changes in China that may restrict exports to meet domestic needs. This situation could create a favorable opportunity for Indian steelmakers to ramp up production, as the absence of Chinese imports allows for greater reliance on domestic steel.
- On the supply side, manufacturing units are gradually scaling up their production plans in alignment with the current market dynamics.
Flat Steel News
- Indian steel stocks saw a surge following a Chinese stimulus package that may boost exports. Analysts predict that this could lead to higher prices and improved profits for Indian steel companies.
Expert Opinion
- September witnessed a neutral to negative pricing trend in the steel market. However, October may see a rise in steel prices, as companies like JSPL have announced a hike of Rs 1,500/ton at the plant level.
- While this increase is not yet reflected in the broader market, other manufacturers are anticipated to adopt similar pricing strategies. As a result, dealers and traders are likely to adjust their pricing accordingly in response to these developments.
Daily Market Report
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