India: Limited Trades Keep Domestic HRC Prices under Pressure
Indian HRC prices continue to remain on lower side over monotonous demand and mute buying prevailing in domestic market. This week domestic HRC prices registered decline in few markets like Ahmedabad and Bangalore by around INR 750-1000/MT. As per market reports, few major Indian steel mills are taking up production cuts owing to slowdown in domestic sales & inventory pile up.
As per SteelMint price assessment trade reference prices for HRC (IS2062,2.5-8mm) is currently at INR 37,000-37,500/MT (Ex-Mumbai), INR 36,500-37,000/MT (ex-Delhi) and INR 38,500-39,500/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
This week domestic CRC (0.9mm, IS 513) witness decline in few major markets over poor sales and weak purchases. Thus trade references prices on weekly basis are currently hovering around INR 41,000-42,000/MT (ex-Mumbai), INR 40,000-41,800/MT (ex-Delhi) and INR 43,000-44,000/MT(ex-Chennai).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus trade sources shared with SteelMint that,”Lower consumer spending on automobiles and consumer durable goods pulls down steel prices in domestic market. Meanwhile ongoing monsoon season leads to gloomy sentiments in domestic market.Thus trade segment is expecting heavy discounts and rebates from major steelmakers to improve buying activities in domestic market.”
Meanwhile other trade sources based in Mumbai shared that ,”Major Indian mills are scheduling annual maintenance shut down to offset domestic demand. On the other hand mills are actively engaged in exports over surplus inventories in domestic market”
source: SteelMint
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
