India: Trade level HRC prices remain stable amid anti-dumping investigation

BigMint's benchmark prices of HRC (2.5-8mm, IS2062, Gr E250 Br) and CRC (0.9mm, IS513 CR1) remained unchanged in the Mumbai market for the bi-weekly period ending 23 August, 2024. The prices stood at INR 50,300/t ($600/t) and INR 57,400/t ($685/t) respectively, excluding 18% GST. (INR 1 = USD 0.0119306 ; USD 1 = INR 83.8179)

Market updates

1. Traders' market remains stable: The market for traded products experienced subdued demand following a prolonged weekend and the Rakshabandhan holiday. The anti-dumping investigation into imported hot-rolled flat products did not spur a market upturn. Excess inventory and a cautious buyer stance contributed to the limited activity in the market.

A market participant said, "Demand for steel products among traders has remained relatively flat. Buyers are taking a cautious approach, acquiring only essential quantities due to the surplus inventory throughout the supply chain." He further said, "The anti-dumping investigation is unlikely to have a significant impact, given the high levels of inventory and the fact that domestic production and imports have outpaced demand."

2. Export, Import trends: BigMint's cumulative import volume, based on vessel lineup data, reached 401,413 t till 19 August 2024. This represents a decline from 636,651 t in July 2024. However, an additional 222,789 t are expected to arrive by the end of August, followed by another 114,245 t in the first week of September. Meanwhile, Indian steel mills have continued to limit HRC exports to Southeast Asia and the Middle East due to intense competition from China and weak domestic demand in these regions. European buyers have also maintained a cautious stance during the summer.