India steel: Coated prices flat on slow buying
India's coated steel prices remained flat this week, as demand stayed slow after the festive season ended in October.
Demand for coated sheets was slow from sectors such as automobiles and consumer durables, as consumer spending was weak, said the manager of a Delhi-based mill.
Traders have been looking for an uptick in construction activity over the past few weeks that would drive demand for coated steel products used in applications such as roofing sheets and barricades.
But while a rise in construction activity is driving demand for local rebar sales, this demand is not trickling down to coated sheets, said a Delhi-based trader.
Recent policy measures to provide public funding for real estate projects have helped turn market sentiment positive but actual consumer spending is likely to pick up only gradually, said the manager of a Mumbai-based mill.
Galvanized sheet with 0.5-0.7mm thickness with zinc coating of 90-100 grams/m³ (gsm) was offered at 44,500 rupees/t ex-works this week, unchanged from last week. Galvanized sheets of similar thickness with lower zinc coating of 90-80 gsm were offered at Rs44,000/t.
Offers for thicker sheets of 0.8mm and above with higher zinc coating of 120 gsm were heard at Rs46,000/t.
Prices of colour-coated sheets with 0.5mm thickness and zinc coating of 100 gsm stayed at Rs50,000-51,000/t.
Mills are now offering heavy discounts up to Rs1,500/t ($21/t) to attract buyers. Prices of coated steel products have dropped by about Rs5,000/t over the past month.
This lull in coated demand is likely to continue for a couple of months, a Mumbai trader said. Demand may pick up slightly in January-March, the final quarter of the financial year, he said.
source: Argus Media
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years