Primary TMT Prices Rise Amidst Supply Shortage and Expected Import Duty Increase
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Primary TMT prices have surged by Rs 1,000-1,500/MT due to supply constraints and rising demand. Distributors across North, West, and South India have adjusted their pricing, with scarcity expected to persist throughout March. With the government considering higher import duties on steel, further price hikes are anticipated in the coming days.
Key Takeaways
- Primary TMT Price Surge: Prices have increased by Rs 1,000-1,500/MT due to supply shortages and rising demand across major regions.
- Current Market Rates: Ex-Mumbai at Rs 55,000-55,500/MT, Ex-Delhi NCR at Rs 55,500/MT, and Ex-Vizag at Rs 52,500-53,000/MT.
- Supply Constraints: Distributors are struggling with material shortages, and the scarcity is expected to continue throughout March.
- Steel Stocks Rally: Indian steel stocks gained 2-4% after China announced production cuts, reducing cheap steel imports into India.
- Upcoming Price Hike: Import duties on steel may rise, leading to further price increases in the coming days.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm):
- Ex-Mumbai: Rs. 55,000-55,500/mt
- Ex-Delhi NCR: Rs.55,500-55,500/mt
- Ex-Vizag: Rs. 52,500 - 53,000/mt
- Note - Distributors across North, West and South have increased the prices. Above pricing is based on the same.
Primary TMT Demand & Supply
The primary manufacturer has increased prices by Rs 1000-1500/MT as compared to month of February. The supply and demand are hit because of scarcity of material with the distributors. The scarcity is expected to persist in the month of March.
Primary TMT News
- Steel stocks surged on March 5 after China announced plans to cut steel output, reducing cheap imports into India. Welspun Corp increased over 4% to Rs 739, while Jindal Stainless Steel gained nearly 4% to Rs 615.45. APL Apollo Tubes, SAIL, Jindal Steel, and JSW Steel also saw gains of over 2-3%. Tata Steel climbed nearly 3% to Rs 143.41, rebounding from its January low of Rs 122.62.
- The Nifty Metal Index jumped nearly 3% to 8,589.20, led by Tata Steel. Indian steelmakers have long pushed for anti-dumping measures, with the Indian Steel Association's application under review by the DGTR. The rally coincided with a broader market rebound as Sensex and Nifty recovered from recent losses.
Expert Opinion
The market seems unstable as prices have increased up to Rs 1,500/MT. The distributors are expecting further price increase in coming 2-3 days because import duties on steel is going to increase in India. It will create further impact on supply and demand. A clear picture will emerge in a few days.
Daily Market Report
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