Indian Steel Mills Hike Domestic HRC Offers for Feb Deliveries

In line with SteelMint's early report regarding major Indian steel makers are planning to hike domestic HRC prices, mills have raised offers. Major Indian steel manufacturer - JSW Steel has announced hike in HRC & CRC prices by INR 750/MT for the month of February.

After increase, steel makers' effective prices of HRC (2.5-8mm,IS2062) is assessed around INR 41,250/MT (ex-Mumbai) and CRC is (0.9mm IS 513GR) is around INR 46,250/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.

Meanwhile other major Indian steel mills like Essar Steel and JSPL have also raised HRC prices by INR around 1000/MT in domestic market. However announcement from govt owned SAIL was still awaited till the time of publishing this report.

Indian steel mills have raised HRC & CRC prices in the month of Feb as they are speculating global flat steel prices will increase post Chinese Lunar New Year holidays which is scheduled in first week of Feb.Meanwhile surge in global prices may reduce imported volumes of HRC to India in turn pushes HRC prices in domestic market.

Also Indian mills had also raised HRC export offers to Vietnam recently to USD 510-515/MT, CFR Vietnam against previous offers of USD 495-505/MT, CFR.

Previously, in the month of January,Indian steel mills had rolled over flat steel prices amid cost effective imports and sluggish trades in domestic market.