Primary TMT Prices Fall Amid Demand Declines
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Primary TMT prices have decreased across regions, with Ex-Mumbai and Ex-Delhi NCR prices falling to Rs. 51,500-52,000/mt. Demand has decreased compared to December, and queries are lower this fiscal quarter. India is projected to lead steel demand growth in 2025, driven by housing and infrastructure projects, while domestic supply faces challenges.
Key Takeaways
- TMT Price Decline: Current prices are Rs. 51,500-52,000/mt in Mumbai and Delhi NCR, falling by Rs 500/mt.
- Demand Decline Observed: Compared to December, TMT demand and queries have dropped, especially during the last fiscal quarter.
- India’s Steel Demand to Grow: India’s steel demand is projected to grow 8-9% in 2025, driven by housing, infrastructure, and engineering sectors.
- Impact of Imports: Finished steel imports rose by 24.5% in 2024, while exports declined, creating pressure on domestic pricing.
- Price Outlook: Distributors expect prices to rise soon as inventory levels remain sufficient; negotiations may shape future pricing trends.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 51,500-52,000/mt Ex-Delhi NCR: Rs.51,500-52,000/mt Ex-Vizag: Rs. 51,000 - 51,500/mt
- Note - Distributors across North, West and South have decreased prices. Above pricing is based on the same.
Primary TMT Demand & Supply
There seems to be less demand than there was in December of last year. The number of queries is fewer in the last quarter of the fiscal year. The primary plants opened at the same rates, although distributors expected prices to go up.
Primary TMT News
- India is set to lead major steel-consuming economies in 2025, with an 8-9% demand growth driven by steel-intensive construction in housing, infrastructure, and increased demand from engineering and packaging, CRISIL reports. However, domestic supply remains a concern, with demand rising 11% in 2024.
- Imports surged, with finished steel imports rising 24.5% and exports falling 6.4%. China’s imports, including hot-rolled coils (HRC), grew 28-fold from 2022 to 2024, creating price pressure on domestic steel. Imports from Japan, Vietnam, and South Korea also increased significantly.
- In 2024, domestic HRC and CRC prices fell by 9% and 7%, respectively, due to excess material availability. Declining coking coal costs eased margin pressure despite rising iron ore prices. A safeguard duty proposal could push steel prices higher in 2025, especially in the first half.
Expert Opinion
Prices are stable in the market, according to market trends. Since the distributors have a sufficient amount of inventory, demand and supply are balanced. The distributors anticipate a price increase in the upcoming days and they are ready for negotiations. In a few days, a clear picture will be available.
Daily Market Report
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Primary TMT Prices Hold Steady Amid Sluggish Demand
Primary TMT prices remain stable across major regions, with distributors lowering rates this month due to reduced demand. Steel imports reached a six-year high, driven by Chinese shipments, while domestic consumption surged 11.2% year-on-year. Despite steady prices, distributors anticipate potential increases soon.
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