Indian steel mills kept their domestic hot rolled coil offers unchanged on Friday June 18, despite local traders continuing to undercut their prices by as much as 3,500 rupees ($47) per tonne, Fastmarkets understands.Fastmarkets’ price assessment for steel HRC, domestic ex-warehouse India has remained at 68,500-70,500 rupees ($925-952) per tonne since June 4.
HRC was being sold by traders at 66,500-67,000 rupees per tonne ex-warehouse, sources said.
“It is impossible to sell HRC [apart from a few sizes] at the prices quoted by mills when cheaper material is available in trade,” an HRC dealer for a large integrated mill told Fastmarkets.
A mill official, however, was less concerned and said that traders would start buying and selling HRC at mill prices once their cheaper stocks were sold out.
“We are comfortably booked until July and HRC exports are flourishing, so there is no need to cut domestic HRC prices,” the official said, adding that demand for HRC was currently weak because of the slowdown in economic activity in the wake of the Covid-19 pandemic, but that “it will improve as the lockdowns have started to be relaxed all over the country.”
India’s flat steel export and import markets were similarly becalmed in the week to Friday.
Fastmarkets’ price assessment for steel hot-rolled coil (commodity) export, fob main port India was $990-1,040 per tonne on June 18, widening slightly from last Friday’s $1,010-1,015 per tonne fob
And Fastmarkets’ price assessment for steel HRC, import, cfr main port India was $740-745 per tonne on Friday – unchanged since the second week of March.
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