Primary TMT Prices Hold Steady Amid Sluggish Demand
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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.
Key Highlights
- Stable TMT Prices: Prices remain steady, with Ex-Mumbai, Ex-Delhi NCR, and Ex-Vizag rates hovering around Rs 51,000-52,500/mt.
- Demand Dip: Demand is lower than the previous December, with fewer queries in the final fiscal quarter.
- Rising Steel Imports: India’s finished steel imports surged 20.3% year-on-year to 7.27 million mt, the highest in six years.
- China's Record Exports: China’s steel exports to India rose sharply, contributing to India's increased import dependency.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 52,000-52,500/mt Ex-Delhi NCR: Rs.52,000-52,500/mt Ex-Vizag: Rs. 51,000 - 51,500/mt
- Note - Distributors across North, West and South have revised prices. Above pricing is based on the same.
Primary TMT Demand & Supply
Demand appears to be lower than it was in December of the previous year. In the final quarter of the fiscal year, there are fewer queries. Distributors anticipated price increases, but the primary mills have opened at the same rates.
Primary TMT News
- India's finished steel imports surged to a six-year high of 7.27 million mt during April-December 2024, a 20.3% year-on-year increase, according to provisional data. The country remained a net importer, with exports plummeting 24.6% to a six-year low of 3.6 million mt.
- China’s steel shipments to India reached record levels in April-November 2024, while its total exports rose 22.7% to 110.72 million tons, the highest since 2015.
- India launched a probe last month to evaluate imposing safeguard duties to curb rising steel imports. Domestic demand, driven by infrastructure and automotive sectors, pushed finished steel consumption to a six-year high of 111.25 million mt, up 11.2% year-on-year.
Expert Opinion
Market trends indicate that prices remain steady. Demand and supply are balanced since the distributors have enough inventory. The distributors are prepared to negotiate and expect a price increase in the coming days. A clear picture will be available in a few days.
Daily Market Report
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Primary TMT Prices Fall Amid Demand Declines
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.
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Primary TMT Prices Stay Stable Amid Expectations of Future Revision
Primary TMT prices remain steady, with distributors reducing prices across North, West, and South India. The demand has weakened compared to last year, as inquiries are lower in the final quarter of the fiscal year. Distributors are holding steady, awaiting potential price hikes in the near future.
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