Indian Steel Mills Roll-over HRC Prices; Market Lacks Clarity on Low Trades
...
Major Indian steel mills have announced roll over in HRC prices for May'20 deliveries, SteelMint learned from its sources. Also, the anti-dumping duty levels on imported HRC to India which makes imports less viable can be attributed to the roll-over in prices.
The companies are offering HRC (IS2062 2.5-8mm) at INR 39,000/MT (ex-Mumbai). Prices mentioned are basic and GST @ 18% is applicable.
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, the market lacks clarity on prices due to limited trades happening in the domestic market amid country-wide lockdown until 17th May, which may get extended to fight against COVID-19.
Few trade participants also shared that; "domestic prices will continue to remain under pressure with restricted transportation and absence of labourers in the market."
In Apr'20, major Indian steel manufacturers had rolled over the domestic offers. Mills remained active due to exports to Vietnam, China, and UAE etc on limited domestic demand.
