Primary TMT Prices Hold Steady; Market Optimistic for February Hike
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Primary TMT prices remain steady across major regions, with growing demand and increased inquiries hinting at a possible price hike in February. Market optimism continues as secondary TMT prices rise, signaling potential upward movement in primary pricing. Also, industry experts anticipate protectionist measures in Budget 2025 to counter steel dumping.
Key Insights
- Steady Primary TMT Pricing: Prices remain stable across Mumbai, Delhi NCR, and Vizag, with market sentiment staying optimistic.
- Rising Demand: Inquiries and conversions have increased, indicating strong market momentum.
- Budget 2025 Expectations: Steelmakers seek protectionist policies to curb imports and maintain fair competition.
- Expert Predictions: Secondary TMT prices have risen, and primary mills may follow suit in February.
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. 50,000 - 50,500/mt
- Note - Distributors across North, West and South are stable. Above pricing is based on the same.
Primary TMT Demand & Supply
Compared to last week, the market's demand has grown. Both the volume of inquiries and conversions have increased. The market appears to be optimistic. According to existing patterns, prices might rise in February. After the first week of February, a clear picture will be apparent.
Primary TMT News
- Steel makers expect protectionist measures in Budget 2025 to prevent dumping. JSW Steel’s Jayant Acharya emphasized the need for a level-playing field, while AMNS India's Dilip Oommen highlighted the government's focus on infrastructure and ease of doing business.
- Synergy Steels' Anubhav Kathuria suggested fiscal incentives and logistical support to offset high input costs, while JSL MD Abhyuday Jindal urged raising the basic customs duty on stainless steel products to 15% for non-FTA countries.
- ICRA’s Ritabrata Ghosh noted that 2024 was challenging due to earnings pressure from Chinese and FTA country steel exports flooding India's high-growth market.
Expert Opinion
Given the current trend and the increased volume of inquiries, prices are expected to show upward tendencies in the upcoming month. The secondary market prices have gone up, and it is projected that plants will raise primary pricing in February. In February, it will become evident how much prices would rise in primary and secondary mills.
Daily Market Report
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