Flat Steel Prices Stable, Participants Remain on Wait and Watch Approach
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Flat steel prices remain stable as market participants adopt a wait-and-watch approach. Analysts monitor demand trends post-Diwali, anticipating potential shifts influenced by market sentiment and seasonal factors in the coming weeks.
Price
- Markets reported no price changes in HRC and CRC compared to the previous day in major trading hubs. Flat product prices in various markets are as follows: 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
- The India steel index has remained stable week-on-week, showing no significant fluctuations. Analysts are closely monitoring the market to determine if price increases will be sustained following the Diwali festivities. Historically, demand tends to rise during this period, which could influence future pricing trends. Market sentiment and seasonal factors will play crucial roles in shaping the steel market in the coming weeks.
Steel News
- In September, China’s trade surplus was lower than anticipated, with exports growing by only 2.4% year-on-year (YoY), down from August’s 8.7%. This slower growth missed forecasts of around 6%, marking the lowest rate in five months. Exports through the first three quarters rose by 4.3% YoY, driven by strong auto and ship exports, though semiconductor exports softened.
- The country's steel exports surged by 21.2% in volume despite weaker domestic demand. Imports also lagged, growing just 0.3% YoY, as sluggish demand affected categories like agriculture and cosmetics. High-tech imports, however, continued to see strong growth due to policy support.
Expert Opinion
- The current sentiment in the steel market is cautiously optimistic, with recent price increases signaling potential upward momentum. While some producers are adjusting their prices, the broader market remains stable.
- Traders and dealers are closely monitoring these developments, anticipating further shifts as the month progresses.
- Overall, the market is poised for possible changes driven by demand and strategic pricing moves from key players.
Daily Market Report
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