Primary TMT Prices Stable, Expected to Revise with Demand Shifts
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Primary TMT prices remained stable this week but are expected to be revised soon. Distributors are open to negotiating, and supply is adequate. Experts foresee price increases in September as demand improves with the end of the rainy season.
Price
- The prices of primary TMT remained stable for the week but are expected to be revised soon. The prices for major locations are mentioned below:
- Ex-Mumbai: Rs. 50,500-51,000/ton
- Ex-Delhi NCR: Rs. 50,500-51,000/ton
- Ex-Vizag: Rs. 49,000-49,500/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 demand trend remained unchanged as of the fourth week of August. It appears that demand has peaked, and price cuts are anticipated over the next week.
- Distributors are open to negotiating prices and have an adequate supply of merchandise on hand. Negotiations with buyers are ongoing. Every primary mill operates according to a set schedule. Demand is expected to rise in the upcoming months as the monsoon season draws to a close in major parts of the country.
News
- India's steel market faces challenges as unfair imports and dumping escalate due to a demand slump in China, warned former steel secretary Nagendra Nath Sinha. He emphasized that these imports, particularly of flat steel products, are impacting local steelmakers' profitability and turning India into a net importer, countering its goal of becoming a global steel supplier. Sinha urged the government to take timely action, highlighting the ongoing anti-dumping probe initiated on August 16 against hot-rolled steel imports from Vietnam, following a complaint by domestic producers JSW Steel and ArcelorMittal Nippon Steel India.
Experts' Opinion
- Distributors anticipate price increases through the mills in the upcoming month due to the approaching end of the rainy season amidst anticipated improvements in demand.
Daily Market Report
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