India: Domestic HRC Prices Hit Over 4 Month Low
Domestic HRC prices in traders market have come down further by INR 500-1000/MT against last week and are hovering almost 4-months low.
This week Indian HRC prices registered further decline by INR 500-1000/MT in the back of monotonous demand along with pessimistic sentiments prevailing in domestic market. Last week also domestic HRC prices declined by INR 500-1000/MT in traders market over dull market sentiments.
Domestic HRC prices have hit 4 months low. Similar levels were recorded in the month of Feb’19.
SteelMint’s HRC (2.5-8mm, IS2062) trade reference prices is around INR 40,000/MT (ex-Mumbai), INR 40,000-40,500/MT (ex-Delhi) and INR 42,000-42,500/MT (ex-Chennai) this week. Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm, IS 513) trade reference prices is around INR 45,000/MT(ex-Mumbai),INR 43,250-45,000/MT (ex-Delhi) and INR 46,000-47,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus slowdown in auto sector, construction activities amid delayed funding from government has resulted to slump in demand in domestic market. This resulted domestic HRC prices under pressure.
As per reports, the Indian steel industry is seeking a safeguard duty of 25% on ad valorem on a wide range of steel products in order to compete with increase in imports. However clarity/announcement is awaited.
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
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
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
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
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
