Indian Steel Mills Roll Over Flat Steel Prices for May
In conversation with industry participants, SteelMint learned that major Indian steel manufacturers have rolled over HRC & CRC prices for May deliveries.
SteelMint learned that JSW Steel and SAIL have kept steel prices unchanged. It is expected that other mills will also follow the suit.
Effective price of HRC (2.5-8mm, IS2062) is hovering at INR 42,000/MT (ex-Mumbai). Prices mentioned above are basic and extra GST@ 18% will be applicable.Whereas, prices of CRC (0.9mm, IS513GR) is around INR 47,000/MT (ex-Mumbai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus Indian steel mills roll over flat steel prices amid ongoing election scenario along with sluggish trades prevailing in domestic market. Meanwhile cheaper imports of HRC from Japan, Korea and Iran have put domestic HRC prices under pressure.
As per SteelMint assessment trade reference prices of HRC in major markets like Mumbai and Delhi have come down to 1-month low.
Currently HRC (2.5-8mm,IS2062) in traders market is around INR 41,500-42,000/MT (ex-Mumbai),INR 42,000/MT (ex-Delhi).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm,IS 513) in traders market is around INR 46,500-47,000/MT (ex-Mumbai),INR 45,250-47,000/MT (ex-Delhi).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus market participants are expecting that, demand will pick up and domestic HRC prices will remain supported post elections.
Previously in the month of April, Indian steel mills raised domestic HRC prices by INR 500/MT amid hike in imported HRC offers from major exporting nations
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
