Indian Steel Mills May Roll Over Domestic HRC Prices - Sources

This week Indian flat steel market continued to remain bearish over sluggish demand ahead of festive holidays in domestic market. Last week HRC prices have weakened by INR 500-1000/MT W-o-W basis over weak purchases and liquidity issues.

Thus market sources shared that major Indian steel mills are likely to roll over HRC & CRC prices and may provide discounts and rebates in upcoming month to escalate buying.

However this week domestic HRC prices remain largely stable in traders market. Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 46,500/MT (ex-Mumbai), INR 46,800-47,000/MT (ex-Delhi) and INR 47,000- 47,500/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.

Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 52,500/MT (ex-Mumbai),INR 53,000 - 54,500/MT (ex-Delhi) and INR 53,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.

A trader based in Delhi commented that,"Domestic HRC prices continue to remain steady as the buyers are in festive mood amid weak buying and sluggish demand prevailing in domestic market'.

Thus Indian steel mills will announce the prices for November deliveries within next couple of days.