Primary TMT Demand Stalls; Prices Adjust Across Regions
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Primary TMT prices dropped slightly across key regions, reflecting a stagnant demand environment and high distributor inventory. Distributors across North, West, and South India adjusted rates downward as inquiry volumes declined. Supply remains stable, with no material shortages expected. Meanwhile, JSW Steel’s mining violation notice was set aside but raised investor concerns, leading to a dip in its stock.
Key Takeaways
- TMT Prices Ease Across Regions: TMT prices decreased slightly across Mumbai, Delhi NCR, and Vizag due to weak market sentiment.
- Demand Stagnates: A noticeable drop in inquiry volumes indicates low activity and buyer hesitation in the current market.
- Supply Remains Strong: Distributors are well-stocked, ensuring smooth availability despite reduced order volumes.
- JSW Mining Case Update: Odisha government must re-review its mining demand notice against JSW Steel after initial order is overturned.
- Outlook for May Uncertain: A clearer direction for prices and demand is expected after the first week of May.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm):
- Ex-Mumbai: Rs. 57,500- 58,000/MT
- Ex-Delhi NCR:Rs.57,500 - 58,000/MT
- Ex-Vizag: Rs. 54,000- 54,500/MT
- Note: Distributors across North, West and South have decreased the prices. Above pricing is based on the same.
Primary TMT Demand & Supply
- Considering the noticeable decline in the volume of inquiries compared to the previous week, it seems that market demand is currently experiencing a period of stagnation. Prices have been introduced at relatively lower levels, aligning with the ongoing market trend.
- A more comprehensive understanding of the situation will emerge after the first week of May. Furthermore, material availability is not a concern, as distributors are holding a substantial amount of inventory, ensuring that supply is well-managed
Primary TMT News
- JSW Steel announced that the Rs 702-crore demand notice issued by the deputy director of mines in Odisha—over alleged violations including grade drop, mining plan deviations, and improper screening practices at its iron ore mines—has been set aside by the revisionary authority.
- The matter, involving operations at Narayanposhi, Jajang, Nuagaon, and Gonua, has now been remanded back to the Odisha government for fresh review, with instructions to give the company a fair hearing. Despite this development, JSW Steel’s stock fell 5.8% amid concerns tied to Bhushan Power & Steel’s 12% contribution to its 9MFY25 sales.
Expert Opinion
- Market demand is currently relatively slow. The plants have slightly reduced their prices compared to April, and it is anticipated that prices may continue to decrease in the coming week, assuming demand remains stable. Supply is not a concern, as distributors have sufficient inventory, and order volumes at the plants are relatively low.
- A clearer and more definitive outlook is expected in the next few days.
Daily Market Report
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