Posted on 19 Feb 2025
Domestic Indian hot and cold rolled coil prices have been flat this week, with demand remaining soft, as the market awaits the outcome of India’s import investigations, Kallanish learns from sources.
Prices remain steady, despite the bearish sentiment caused by continuing soft domestic demand, as market participants await the outcome of the safeguard probe and the upcoming oral hearing of the anti-dumping probe against Vietnamese material.
The market expects prices may drop going forward. “Customers are showing resistance to any other further increase,” a source adds.
The market has been awaiting the outcome of the safeguard probe on flat steel imports, after the national budget fell short of expectations due to a lack of announcements on mild steel import duty (see Kallanish passim).
India’s Directorate General of Trade Remedies (DGTR) scheduled an oral hearing on 27 February, regarding the ongoing anti-dumping investigation concerning imports of hot rolled flat products of alloy or non-alloy steel originating in or exported from Vietnam (see Kallanish passim).
Indian domestic HRC offers were flat on-week at INR 48,000-48,500/tonne ($552-558/t) ex-Mumbai for IS2062/E250 BR grade.
Domestic CRC offers were also stable w-o-w at INR 55,000-55,500/t ex-Mumbai, for IS513 Grade O.
Domestic HR plate offers also held steady on-week at INR 49,750-50,250/t ex-Mumbai, for base E-250 or S235 equivalent grade.
Domestic galvanized coil (GI) offers were flat w-o-w at INR 56,750-57,750/t ex-Mumbai base price for 0.8mm and above thickness, regular commercial grades. Colour-coated coil offers were also flat at INR 64,750-65,500/t for base commercial grades.
In the import segment, Vietnam-origin HRC offers were heard at $505/t cfr Mumbai, or $475-480/t fob Ho Chi Minh, for similar grades and shipment times.
Japan-origin HRC offers were at $490/t cfr Mumbai. Last week, a 30,000-35,000-tonne HRC import deal was heard concluded at $490/t cfr Mumbai, or $430-440/t fob Japan.
Despite this deal, domestic buyers continue to be reluctant to import material due to the safeguarding and Vietnam anti-dumping cases.
South Korea and China continue to remain out of the import market. India has a free trade agreement (FTA) with Japan, South Korea, ASEAN, Vietnam and others.
“Theoretical” China-origin import offers are at $470/t fob China or $500/t cfr Indian ports, for similar grades, amid the absence of concrete offers due to China’s BIS licence expiring in November. This does not include the 7.5% basic customs duty applicable to non-FTA countries like China.
Source:Kallanish
