Flat Steel Producers Adjust Output Amid Stagnant Demand, Industry Eyes Q3 Growth
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Flat steel prices, including HRC and CRC, remain unchanged across major regions. Producers are adjusting output to manage oversupply, while consumers delay purchases amid stagnant demand. Notably, the government is considering measures to protect the domestic steel industry from rising imports, particularly from China.
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. 51,100/ton
- Ex-Ahmedabad: Rs. 51,800/ton
- Ex-Chennai: Rs. 51,500/ton
- Ex-Kolkata: Rs. 49,500/ton
- Ex-Hyderabad: Rs. 50,800/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. 60,800/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
- Due to low demand and falling prices, some steel mills are adjusting their production by cutting output or extending maintenance to match current market conditions. Steel buyers are being cautious, delaying their restocking and putting purchases on hold. This pause in buying is increasing pressure on the market, leading producers to offer discounts to sell their unsold inventory and maintain cash flow.
Flat Steel News
- The Ministry of Steel is in talks with the Finance Ministry to explore policy interventions, such as import duties or trade restrictions, to curb increasing steel imports. India's steel imports, especially from China, have become a major concern, with the country becoming a net importer in FY24.
Expert Opinion
- Our industry forecast indicates a strong continuation of steel demand through Q3 2024, driven by large-scale infrastructure initiatives and steady expansion in key end-use sectors. Positive economic indicators, coupled with supportive government measures, bolster our confidence in this upward trajectory. Following August's uptick, our September outlook points to persistent demand strength, suggesting a prolonged period of growth for the steel industry.
Daily Market Report
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