Primary TMT Market Update: Prices Stable, But Demand Remains Sluggish
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Primary TMT prices have remained relatively stable, with distributors increasing prices in various regions. SAIL recently lowered its prices, but demand for the material has slowed in comparison to previous months. The Indian government is considering a temporary tax on Chinese steel imports to counteract the negative impact on local prices and margins.
Industry Highlights
- Primary TMT Prices: Prices are as follows - Ex-Mumbai: Rs. 55,500-56,000/mt, Ex-Delhi NCR: Rs. 55,500-56,000/mt, Ex-Vizag: Rs. 53,500-54,000/mt.
- Demand & Supply: Despite a price reduction of Rs 1,000/mt by SAIL, the demand for primary TMT has slowed down.
- Steel Imports: India is considering a temporary tax on Chinese steel imports, which have reached a seven-year high, affecting local manufacturers.
- Market Outlook: Experts indicate a stagnant market, with no significant shift in demand, as price reductions by producers have not led to any substantial change.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 55,500-56,000/mt Ex-Delhi NCR: Rs. 55,500-56,000/mt Ex-Vizag: Rs. 53,500 - 54,000/mt
- Note - Distributors across North, West and South have increased prices. Above pricing is based on the same.
Primary TMT Demand & Supply
- SAIL prices were lowered by Rs 1,000/mt yesterday. The distributors are prepared to bargain. The distributors have a sufficient quantity of the material available, ensuring smooth supply and demand. The demand trend has slowed down from earlier months.
Primary TMT News
- India is considering a temporary tax on Chinese steel imports, which have impacted domestic prices and profits. JSW Group Chairman Sajjan Jindal confirmed the request is under review with industry consultations. Steel imports hit a seven-year high, putting pressure on local manufacturers and margins. Jindal warned this could limit investment. He also expects SEBI to approve JSW Cement's $477 million IPO by January 2025, after it was delayed in September.
Expert Opinion
- The market appears to be stagnant, with no shift in demand following the primary and secondary producers' price reductions. Price acceptability among distributors has yet to materialise. A clear image will be available in a few days.
Daily Market Report
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