Posted on 03 Jul 2024
Indian domestic hot and cold rolled coil market demand continues to be low due to monsoons, Indian traders tell Kallanish. They anticipate prices will remain under pressure due to the weak activity.
A source says: “Due to low demand, prices will be under pressure. The monsoon will slow down construction activities.”
Domestic HRC offer prices were flat on-week at INR 53,000-53,500/tonne ($634.87-640.87/t) ex-Mumbai for IS2062/E250 BR grade. CRC offers also held steady at around INR 59,500-60,000/t ex-Mumbai, for IS513 Grade O.
HR plate offers were flat, at INR 53,000-54,000/t, in the retail market for base E-250 grade.
In the Indian import market segment, China-origin offers for HRC was heard at $530-535/t cfr India, for commercial-quality base grades, July/August shipment. Prices were flat on-week.
Vietnam-origin offers were also flat week-on-week, quoted at $570-575/t cfr India. All import quotes are for the same grades and shipment times.
On Monday, Indian ministries were reportedly in talks to discuss rising imports, especially from China. Indian producers have been calling on the government to hike customs duty.
A source does not expect any measures to be taken yet, as the reports are purely speculative at this point, he reasons.
Indian export activity to Europe continues to be very low due to persisting weak demand and limited offers from Indian mills, as India continues to remain off the export market (see separate story).
Source:Kallanish
