India: Domestic HRC Prices in Trade Segment Remain Range Bound

Indian HRC prices in the trade segment remain moderate on sluggish demand and limited inquiries prevailing in trade market. Trade participants shared recent increase in HRC & CRC prices by major steel manufacturers have not yet absorbed in the market over thin trades.

-- Current trade reference prices for HRC (2.5-8mm, IS2062) on a weekly premise stands at INR 38,000-38,500/MT (ex-Mumbai), INR 38,250-38,500/MT (ex-Delhi), and INR 39,000-40,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

-- Current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 44,500-45,000/MT (ex-Mumbai), INR 42,200- 45,000/MT (ex-Delhi), and INR 44,500-46,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

-- In the beginning of the month, major steel manufacturers have raised HRC & CRC prices by INR 500-750/MT in domestic market

''Mills raised the prices to keep the momentum. However, it is uncertain that current hike shall be sustained in the domestic market or not owing to festive holidays along with the end of the fiscal year this month'' shared by trader based in Mumbai

Indian mills offer HRC for export to Europe- SteelMint learnt from its market participants that major steel manufacturers have resumed their HRC export offers to Europe for April shipments. Current offers are heard to be around USD 485-490/MT FoB India.The freight component is around USD 35-40/MT.However no major bookings have been reported yet as it's still under discussions.

Meanwhile few Indian mills are not actively offering HRC to Vietnam. However indicative offers heard at around USD 475/MT FoB basis for April shipments which is equivalent to USD 490/MT CFR Vietnam. However, buyers based in Vietnam are preferring imported HRC from China and Japan on competitive offers.