Primary TMT Prices Drop as Market Faces Uncertainty Heading into December
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Primary TMT prices have dropped across key regions, with the market’s future direction depending on inquiries. Steel demand remains steady, with distributors holding substantial inventory. Meanwhile, concerns about iron ore shortages and cheap Chinese imports are raising issues in the steel sector.
Key Takeaways
- Primary TMT Prices: Prices have decreased, with Ex-Mumbai and Ex-Delhi NCR around Rs. 53,000-53,500/mt and Ex-Vizag at Rs. 52,500-53,000/mt.
- Demand & Supply Balance: The market appears balanced, with distributors holding significant stock and demand clarity expected after the first week of December.
- Steel Sector Challenges: Eastern Indian steelmakers are facing a 53-million mt iron ore shortage, impacting production and supply.
- Carbon Footprint Reduction: India’s Steel Secretary outlined a roadmap to cut the steel sector's carbon emissions, contributing 12% to total emissions.
- Market Trends & Expert View: Demand remains moderate, but steel prices may decline further if inquiries decrease; SAIL and other manufacturers have already reduced prices.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 53,000-53,500/mt Ex-Delhi NCR: Rs.53,000-53,500/mt Ex-Vizag: Rs. 52,500 - 53,000/mt
- Note - Distributors across North, West and South have decreased prices. Above pricing is based on the same.
Primary TMT Demand & Supply
- Prices have started to decline at the beginning of the month. The future direction of the market will largely depend on the volume of inquiries, with distributors showing a willingness to negotiate on pricing. The demand and supply appear to be in balance, as distributors currently hold substantial inventory. A clearer understanding of overall demand is expected to emerge after the first week of December.
Primary TMT News
- Steel Secretary Nagendra Nath Sinha announced a draft roadmap aimed at reducing the steel sector's carbon footprint, which contributes 12% of total emissions. Public opinion will soon be sought on the proposal.
- Eastern Indian steelmakers raised concerns about a 53-million-tonne iron ore shortage, urging immediate measures to address the supply crisis affecting the industry.
- India's construction boom is being overshadowed by cheap Chinese steel flooding the market, leaving smaller mills with unsold inventory and reduced operations. Capacity utilization at small and medium-sized mills, which account for 41% of India’s steel output, has dropped by nearly a third, risking job cuts for over 1.5 million workers.
Expert Opinion
- Market discussions suggest that steel prices may experience further declines beyond the reductions observed in November. All major manufacturers have already lowered their prices, with Steel Authority of India Limited (SAIL) following suit. The subsequent demand patterns and the flow of inquiries will determine whether the market will witness a further decrease in prices or an upward trend in the coming weeks.
Daily Market Report
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