Indian TMT bar market remains slow
2013-08-15 09:00:34 [Print]
BEIJING (Asian Metal) 15 Aug 13 - The TMT bar market in India does not make much progress dragged by the soft demand, although the price in some regions such as Mumbai shows some clues of rebounding. Insiders predict that the market performance will improve in September after the monsoon season.
A TMT bar trader in Mumbai reported that his quotation for Fe415 Φ8mm form local mills is INR40,400/t (USD658/t, Excise duty and VAT included), up by INR400/t compared with that of last week.
The source said the international steel market is making improvement with increasing prices, so traders in Mumbai are eager to follow suit. Prices of iron ore, scrap and billet are all on an upward trend, for example, the import price of scrap in Turkey from European countries went up by USD5/t last week to USD380/t CFR, and the iron ore price from India also increased by USD12/dt to USD127-128/dt FOB India. However, the market performance is not active now and buyers are not active in placing orders, so the source thought the price will be unchanged in coming several days.
Another construction steel trader in Bangalore said that the current price of Fe415 Φ12mm is INR39,000/t (USD635/t, Excise duty and VAT included), equaling to that of last week.
The source said the demand from downstream buyers is as soft as before because most outside construction projects are slowing down the operation in the monsoon season. The source’s monthly purchasing quantity of steel products is less than 5,000t, decreasing by over 20% compared with that in past years. He is not quite confident of the coming market, deeming the price will be stable in the coming week.
A TMT bar trader in Mumbai reported that his quotation for Fe415 Φ8mm form local mills is INR40,400/t (USD658/t, Excise duty and VAT included), up by INR400/t compared with that of last week.
The source said the international steel market is making improvement with increasing prices, so traders in Mumbai are eager to follow suit. Prices of iron ore, scrap and billet are all on an upward trend, for example, the import price of scrap in Turkey from European countries went up by USD5/t last week to USD380/t CFR, and the iron ore price from India also increased by USD12/dt to USD127-128/dt FOB India. However, the market performance is not active now and buyers are not active in placing orders, so the source thought the price will be unchanged in coming several days.
Another construction steel trader in Bangalore said that the current price of Fe415 Φ12mm is INR39,000/t (USD635/t, Excise duty and VAT included), equaling to that of last week.
The source said the demand from downstream buyers is as soft as before because most outside construction projects are slowing down the operation in the monsoon season. The source’s monthly purchasing quantity of steel products is less than 5,000t, decreasing by over 20% compared with that in past years. He is not quite confident of the coming market, deeming the price will be stable in the coming week.
