Indian Steel Mills Roll Over HRC Prices; Offers Rebate Upto INR 1000/MT

Indian major steel manufacturers have kept HRC, CRC prices unchanged for the month of Sep’19, SteelMint learned in conversation with industry participants. Owing to prolonged weakness prevailing in domestic demand & increasing inventories, Indian steel mill have also announced rebates over tepid demand and increased inventories in domestic market.

As per sources, JSW Steel is offering HRC (2.5-8mm,IS2062) at around INR 36,750/MT (ex-Mumbai). Meanwhile another major steelmaker Essar steel is offering HRC at around INR 37,000/MT (ex-Mumbai). Price mentioned above are basic and extra GST @18% is applicable.

However few trade sources shared that Indian steel mills are also offering rebates of around INR 750-1000/MT in order to improve buying in domestic market.Thus effective prices of HRC in trade market after discounts is hovering around INR 36,000-36,500/MT (ex-Mumbai).Price mentioned above are basic and extra GST @18% is applicable.

Surplus inventories and poor sales volumes keep Indian steel mills in a tough spot on falling steel prices and deprived domestic demand.

Along with this, significant drop in auto sales, slump in consumer spending and slowdown in construction activities over ongoing monsoon season began impacting demand in the country which in turn resulted to suppressed prices in domestic market.

Meanwhile domestic HRC (2.5-8MM,IS2062) prices in trade market is assessed around INR 36,500/MT (ex-Mumbai),INR 36,500/MT (ex-Delhi) and INR 37,000-39,000/MT (ex-Chennai).rice mentioned above are basic and extra GST @18% is applicable.

Domestic CRC (IS513 GR O) prices in trade market is assessed around INR 40,500-41,500/MT (ex-Mumbai),INR 40,000-41,800/MT (ex-Delhi) and INR 41,500-44,500/MT (ex-Chennai).Price mentioned above are basic and extra GST @18% is applicable.