A Slight Change in HR and CR Coil Prices, Steel Imports in India Reach Record Highs
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Steel markets report minor price changes in HRC and CRC, with domestic demand falling. India’s steel imports from China hit a seven-year high, while exports dropped sharply. Experts anticipate stabilization or recovery in steel prices soon.
Price
- Markets reported slight price changes in HRC and CRC compared to the previous day in some geographical locations. The prices of flat products in various markets are as follows: HRC offers
- Ex-NCR/Delhi: Rs. 50,700/ton (Down Rs 300)
- Ex-Mumbai: Rs. 50,700/ton (Down Rs 400)
- Ex-Ahmedabad: Rs. 51,200/ton (Down Rs 600)
- Ex-Chennai: Rs. 51,000/ton (Down Rs 500)
- Ex-Kolkata: Rs. 49,200/ton (Down Rs 300)
- Ex-Hyderabad: Rs. 50,500/ton (Down Rs 300)
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. 60,500/ton (Down Rs 300)
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.
Demand and Supply
- Domestic steel demand has seen a sequential decline, creating price vulnerability in local markets. This downward pressure highlights the need for urgent measures to mitigate the impact of imported steel, particularly the surge in low-priced imports that undermine domestic producers' competitiveness. A timely resolution could help stabilize prices, revitalize market sentiment, and foster growth in the steel industry.
Steel News
- According to media reports, India's finished steel imports from China hit a seven-year high of 1.1 million tons during April-August 2024, marking a 31.7% year-on-year increase. Total finished steel imports reached a six-year high of 3.7 million tons, with China, South Korea, and Japan being the top exporters, supplying stainless steel, hot-rolled coil, and galvanized sheets. Despite strong domestic demand—India consumed 60.3 million tons of finished steel, a 13.8% increase—exports fell 39.6% to 1.9 million tons. Italy, the top export market, saw a 48.3% drop in Indian steel imports.
Expert Opinion
- The steel industry's price decline can be attributed to a slight demand contraction, which diverged from expected growth trajectories despite positive momentum in early September. Industry insiders suggest that this price dip may represent the lowest point for the month, potentially signaling stabilization or recovery in steel prices.
Daily Market Report
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