Prices
for domestic hot rolled coil in India remained unchanged this week as demand
stayed weak, market participants said. The emergence of new suppliers of HRC to
India offering low-priced coil is threatening to keep domestic prices low for
months, they added.
Offers for IS 2062 grade A/B structural HRC 3mm thick and above continued to
prevail around rupees 30,500-32,000/metric ton ($483-506/mt) ex-works this
week, mill officials based in Mumbai and New Delhi confirmed Wednesday.
Demand from end-user segments such as construction, infrastructure and
automobile manufacturing is yet to pick up, and is likely to remain dull till
July. Consumers will buy to stock up before the oncoming monsoons, a Delhi mill
official said.
Meanwhile, steelmakers expressed concern about the pending arrival of
low-priced 1.8-2mm thick HRC from Russia and Brazil priced at around
$380-385/mt CFR Mumbai. This is considered preferable to HRC 3mm and above
priced the same.
“These shipments are expected to arrive by end July. Until then, coils from
China, Japan and South Korea will continue to force the mills will have to keep
their prices low,” the Delhi official said. A Mumbai-based importer concluded a
trade last week of about 1,000 mt of China-origin S400 commercial grade HRC 3mm
and above at $395/mt CFR Mumbai.
Plats.com