No Price Change in Flat Steel; Producers Adjusting Output Amid Slow Demand
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Flat steel prices remained unchanged across markets, with HRC and CRC prices stable. Demand stagnation has led producers to consider adjusting output, while steel buyers halt restocking. However, experts predict continued demand growth driven by infrastructure projects.
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. 51,300/ton
- Ex-Ahmedabad: Rs. 51,800/ton
- Ex-Chennai: Rs. 51,500/ton
- Ex-Kolkata: Rs. 49,800/ton
- Ex-Hyderabad: Rs. 51,000/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. 61,000/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 response to prices and stagnant demand, some steel producers may be adjusting their production schedules. This adjustment could involve cutting back on output or extending maintenance periods to better align supply with the current market conditions. Steel buyers are currently adopting a wait-and-see approach, leading to a halt in restocking activities. This pause in purchasing has further strained the market, as the accumulation of unsold inventory forces producers to stimulate sales and clear stock.
Flat Steel News
- From January to August 2024, Chinese steel production decreased by 3.3% year-on-year to 691 million tonnes, according to the China Steel Association (CISA). In August, output dropped by 6.1% from July to 77.92 million tonnes, and was down 10.4% compared to August 2023.
Expert Opinion
- Industry experts project a continued rise in steel demand through September 2024, driven by ongoing infrastructure projects and steady activity in key sectors like construction and real estate. Favorable economic indicators and supportive government measures bolster this positive forecast. Following the growth observed in August, the outlook for September suggests sustained demand, indicating robust conditions for the steel industry and an expectation of persistent high demand.
Daily Market Report
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Secondary Market Gains in Structure Prices; Supply Issues Ease in Primary
Structure steel prices fluctuate with Raipur, Mandi, Durgapur and Hyderabad showing increases, while Chennai remains stable. Primary market prices dropped for SAIL and RINL, while secondary mills maintain adequate supply. The primary market weakens, but secondary market trends upwards as demand improves.
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Primary TMT Market Expecting Upward Trend Amid Improved Demand
Primary TMT prices remain stable, with demand rising and inquiry-to-conversion ratios improving. Distributors maintain significant inventory, and market sentiment is optimistic. Meanwhile, the government considers implementing a 25% duty on steel imports to counteract subsidized competition from FTA countries. The next few months are expected to see better market conditions driven by these trends.
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