Primary TMT Prices Stable After Recent Rs 1,000/ton Decline
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Primary TMT prices remained stable after a Rs 1,000/ton drop. Market demand has decreased due to persistent rain, but suppliers are willing to negotiate prices. JSW Steel's July production increased, but profits declined sharply in Q1 FY25. Mills may continue cutting prices as demand softens ahead of the holidays.
Price
- The prices of primary TMT remained stable after a decline of Rs 1,000/ton in recent days.
- Current offers for major locations are listed below:
- Ex-Mumbai: Rs 51,000-51,500/ton
- Ex-Delhi NCR: Rs 51,000-51,500/ton
- Ex-Vizag: Rs 50,500-51,500/ton
- The prices are for 12 to 32mm sizes, Grade Fe 550/550D and exclude trade discounts, as well as GST.
- Distributors across the North, West, and South have observed reduced prices from all primary mills. The above pricing reflects this trend.
Demand and Supply
- The market demand appears lower than it was in July, primarily due to persistent rain. Suppliers are willing to negotiate lower prices even as the JSL Angul facility undergoes maintenance, given the large inventory on hand. Distributors are facing no difficulties in obtaining supplies.
News
- JSW Steel's consolidated crude steel production for July 2024 reached 22.15 lakh tonnes, marking a 9% increase from 20.39 lakh tonnes in July 2023. The India division alone produced 21.40 lakh tonnes, up 13% year-over-year, with a capacity utilization rate of 91%.
- JSW Steel USA reported a production volume of 0.75 lakh tonnes, compared to 0.67 lakh tonnes in the same month last year. Despite this growth, JSW Steel saw a 64.29% decline in consolidated net profit to Rs 867 crore in Q1 FY25, while revenue from operations increased by 1.73% to Rs 42,943 crore.
Expert Opinion
- The monsoon seems to have little impact on demand as the first week of August draws to a close. Demand appears to be waning as the long weekend, beginning with Independence Day on August 15, approaches. Mills are anticipated to continue reducing prices.
Daily Market Report
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