Flat Steel Prices Steady as India’s Demand Surges Amid Robust Infrastructure Push
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Flat steel prices remain stable across major Indian markets, with demand driven by robust infrastructure initiatives, strong growth in automotive and manufacturing sectors, and revived export opportunities. Despite challenges like raw material volatility, steady domestic consumption and government projects sustain a positive outlook for December 2024.
Key Takeaways
- Price Stability: Flat steel prices remain steady across markets, with HRC prices ranging from Rs. 49,200 (Kolkata) to Rs. 51,200 (Ahmedabad).
- Demand Growth: Government projects like the National Infrastructure Pipeline and Smart Cities Mission drive demand, with a 8% growth expected through 2025.
- Global Competitiveness: The removal of export duties boosts India's presence in international markets.
- Green Steel Taxonomy Introduced: Benchmarks set for sustainable production, promoting eco-friendly technologies.
- Positive Sentiment: Steady demand from construction, automotive, and manufacturing sectors indicates a favorable market outlook.
Flat Steel Price
- Markets reported no price changes in HRC & CRC as compared to the previous day in a few geographical 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
- In December 2024, India’s steel demand shows strong growth, driven by government infrastructure projects like the National Infrastructure Pipeline and Smart Cities Mission. The construction, automotive, and manufacturing sectors are key contributors, along with boosted exports after the removal of duties. Demand is expected to grow with an annual growth rate of 8% projected through 2025. This growth positions India as a significant player in the global steel market, contrasting the stagnation in other major economies.
Flat Steel News
- The Indian steel ministry has introduced the Taxonomy of Green Steel to establish emission benchmarks and drive sustainable steel production in line with the country’s net-zero goal for 2070. The initiative promotes technologies like hydrogen reduction, renewable-powered electric arc furnaces, and recycling. Steel will be rated three-star to five-star for emissions under 2.2 mt of CO₂ per mt, enhancing global competitiveness.
Expert Opinion
- In December 2024, the sentiment for steel coils in India remains positive, with steady demand from infrastructure and construction projects, bolstered by post-monsoon activity. Growth in the automotive and manufacturing sectors further supports consumption.
- Export opportunities are improving due to the removal of duties, enhancing India’s global competitiveness. While raw material price volatility and global uncertainties pose short-term challenges, strong domestic demand and government-led infrastructure spending are expected to sustain a favorable market outlook.
Daily Market Report
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