Primary TMT Prices Stable; Metal Stocks Surge Following China’s Economic Stimulus
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Primary TMT prices across major markets remain stable. Despite steady demand and smooth supply, secondary mill prices have recently increased, with expectations of further adjustments next month. Metal stocks, including Vedanta and Tata Steel, rallied following China's announcement of economic stimulus measures.
Primary TMT Price
- Prices are as follows for 12 to 32mm: Ex-Mumbai: Rs. 51,000-51,500/ton Ex-Delhi NCR: Rs. 51,000-51,500/ton Ex-Vizag: Rs. 49,500–50,000/ton
- Note - Distributors across North, West and South have increased prices. Above pricing is based on the same.
Primary TMT Demand & Supply
- The market appears steady. The pattern of demand remains unaltered. There is a smooth supply and demand. Over the past two to three days, secondary mill prices have gone up. In the upcoming month, secondary mills anticipate price changes.
Primary TMT News
- Metal stocks rally as China announces stimulus: Shares of metal companies, including Vedanta, National Aluminium (NALCO) and Tata Steel, rallied up to 5.3% on BSE today as China's central bank announced broad monetary stimulus and property market support measures to revive the economy. Among the gains, NALCO’s saw the highest increase of 5%. NMDC’s shares rose by 4.5%, while SAIL’s shares gained 3%.
Expert Opinion
- No shift in the demand pattern appears to be occurring in the market. According to the current situation, the number of inquiries is not rising. While demand looks to be steady as it was previously, distributors were anticipating a spike in demand following the monsoon. A clear picture could be available in the first week of October.
Daily Market Report
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Primary TMT Demand Heats Up; Price Increase Expected in January 2025
TMT prices have seen an uptick in recent days, driven by increased demand and a material shortage. Prices in the primary segment have risen by Rs 500-1000/mt, with further increases expected in January. The market shows positive signs, but a clearer picture will emerge after the first week of January.
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Structure Update: Secondary Market Stable; Demand Remains Unsupported, Primary Stable
The secondary market remains stable with no significant changes, although demand remains weak. The primary market is stable, with SAIL, JSPL, and RINL adjusting prices. Supply issues are being resolved, with improved availability expected by the month's end.
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