Indian HRC Trade Market Resumes in Few Regions on Easing Lockdown

With easing lockdown, the Indian HRC trade segment has resumed activities later this week. However, limited deals were reported.

Currently, trade reference prices of HRC ( IS 2062, 2.5-8mm) are hovering at INR 37,500-38,000/MT (Ex-Mumbai), and INR 39, 500-40,000/MT (Chennai). Prices mentioned above are basic, and extra duty @ 18% is applicable.

A Mumbai based participant shared that, "Only 10-15% of trade activities have been resumed and limited deals are reported in the market." Meanwhile, trade participants in Faridabad, Chennai, and Bangalore shared similar market sentiments.

Market participants shared with SteelMint that HRC trade activities have resumed after the Indian government divided the regions into red, green, and orange zones. Orange and green zones can resume the trade activities for a limited period, and red zone areas are strictly under lockdown.

However, limited trades in the domestic market kept HRC prices under pressure. Few stockists & industry participants shared that firm bids were much below the quoted offers. However, clarity in the market direction is expected in the upcoming weeks.

Indian steel manufacturers have rolled over the domestic offers for the month, considering less viability of import bookings.