Primary TMT Prices Stay Stable Amid Expectations of Future Revision
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Key Takeaways
- Primary TMT Pricing: Prices range from Rs 52,000-52,500/mt in Mumbai and Delhi NCR, and Rs 51,000-51,500/mt in Vizag.
- Demand Scenario: Demand in comparison to last December is weaker, reflecting a lower volume of inquiries in the final fiscal quarter.
- Safeguard Duty Impact: Proposed safeguard duty could increase prices in 2025, amid global price declines.
- Steel Demand in India: India’s steel demand grew 11% in 2024, outpacing global trends and boosting local market strength.
- Distributor Expectations: Distributors are holding inventories and expecting price increases, with negotiations likely in the coming days.
Primary TMT Prices
- Prices are as follows (size 12 to 32mm): Ex-Mumbai: Rs. 52,000-52,500/mt Ex-Delhi NCR: Rs.52,000-52,500/mt Ex-Vizag: Rs. 51,000 - 51,500/mt
- Note - Distributors across North, West and South have decreased prices. Above pricing is based on the same.
Primary TMT Demand & Supply
In comparison to December last year, the demand appears to be weak. Since this is the final quarter of the fiscal year, there is a lower volume of inquiries. Although the major facility opened at the same rates, wholesalers anticipated price increases.
Primary TMT News
Proposed safeguard duty on steel imports could lead to a steep price hike in 2025, according to CRISIL. Domestic prices are under pressure due to global price declines but could see a 4-6% increase if the duty is implemented by February. While increased production may reduce flat steel prices, competition among mills could limit the rise. Falling coking coal prices helped ease margin pressures, though iron ore prices rose. Despite a 1% global steel demand decline in 2024, India's steel demand grew 11%, outpacing other economies.
Expert Opinion
As the market trends suggest, the prices are stable in the market. The demand and supply is smooth as there is ample amount of inventory in hand with the distributors. The distributors are willing for negotiations and are expecting price rise in coming days. A clear picture will come in a few days.
Daily Market Report
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