Primary TMT Market Update: Increased Demand Pushes Prices Higher
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Primary TMT prices have seen a notable rise. Distributors are raising prices in response to a Rs 1000/ton plant cost increase and a surge in inquiries over the past few days. Supply challenges persist as plants shift from road to wagon allocations. Meanwhile, steel stocks are gaining momentum due to demand optimism from China.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 52,00-52,500/ton Ex-Delhi NCR: Rs. 52,000-52,500/ton Ex-Vizag: Rs. 50,500–51,000/ton
- Note - Distributors across North, West and South have increased prices. Above pricing is based on the same.
Primary TMT Demand and Supply
- This month has seen a significant surge in pricing. According to distributors, this month's plant cost climbed by Rs 1,000/ton. Due to the acceleration of inquiry flow during the past two to three days, the demand pattern displays an upswing. As they have lower-rate merchandise on hand, the distributors are unwilling to bargain and are instead searching for bigger gains. In the upcoming months, there will be obstacles in supply and demand because the plants have begun allocating through wagons and have closed their activities through the road network.
Primary TMT News
- Shares of domestic steel producers are set for a turnaround, driven by optimism from analysts regarding a potential demand boost from China.
- Brokerage firm Morgan Stanley has upgraded the ratings of JSW Steel and Jindal Steel and Power from 'equal-weight' to 'overweight.' It also raised the ratings of Tata Steel to 'equal-weight' from 'underweight.'
Expert Opinion
- Due to substantial gains in the market, buyer acceptance may need some time to process the price increases of the last two to three days. The market is expected to stabilize in two to three days after buyers accept the price.
Daily Market Report
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