Gi Coil 0.80mm in Delhi

The Indian hot-rolled coil (HRC) market is undergoing price revisions due to an oversupply, driven by increased production and softened demand from sectors like automotive and construction. The market is showing signs of stabilizing, with potential for a demand rebound. Industry stakeholders should monitor developments closely to make informed decisions.

Flat steel prices remained stable but demand is shifting. A resurgence in demand from construction and infrastructure is needed, as reduced consumption of Hot Rolled plates is causing a downturn in India. New mining cess laws could increase costs, affecting steel industry margins and competitiveness.

The flat steel market remains stagnant, with no price changes reported for HRC across major locations. Demand uncertainties, particularly in construction and automotive sectors, are contributing to a downturn. As industry participants closely monitor the situation, the reversal of HRC's price premium over rebar raises concerns about future market dynamics.

Markets reported few price changes in HRC as compared to previous day in south geographical locations.

The flat steel market reported minor price corrections in Hot Rolled Coil (HRC) due to weak demand and increased imports. The construction and automotive sectors face reduced activity, leading to a challenging environment for domestic producers.

Primary TMT prices remain strong, driven by ongoing supply shortages. Distributors report rising demand and anticipate further price increases. The Indian government may implement stricter import regulations to curb substandard steel imports, particularly from China, which could further impact supply dynamics and maintain upward pressure on domestic steel prices.

Prices for structure have decreased across secondary markets. Raipur, Mandi, Durgapur and Hyderabad prices dropped, while Chennai remained stable. The RINL plant closure has worsened material shortages, particularly for round bars and large sections. Meanwhile, India's steel ministry is planning to intervene in imports of non-standardized steel to ensure quality.

Primar TMT prices have remained strong, with rates in Mumbai and Delhi NCR at Rs. 54,500-55,000/ton, and Rs. 52,500-53,000/ton in Vizag. Material shortages are disrupting supply, and distributors expect further price hikes. Meanwhile, JSW Steel has partnered with BHP and Carbon Clean to advance carbon capture technology in steelmaking to address India’s high emission levels.

Primary TMT prices have remained strong across regions. Distributors are anticipating further price hikes due to material shortages impacting supply and demand. Meanwhile, JSW Steel reported a record crude steel production of 6.77 million tons in Q2 FY25, reflecting a 6% year-over-year increase.