Indian HRC prices down
2014-11-14 09:11:31 [Print]
BEIJING (Asian Metal) 14 Nov 14 - Prices for HRC in India’s major cities including Mumbai inches down because of pressure of imported products with lower offers. Local government is considering imposing import duty on hot rolled coils to protect local mills.
An HRC trader in Mumbai reveals to Asian Metal that the current price for IS2062 3.0mm*1,250mm*C from local mills is INR36,000/t (USD585/t), down by INR2,000/t (USD32/t) over the end of last month.
At the end of October, there was a short holiday for Diwali Festival, but the market showed no improvements after the holiday. The source credits lower offers for above product from Chinese mills for the decreasing market price. “In past two weeks, import offers from China moved down by over USD10/t,” he says, hoping that the local price can be stable as the government is considering imposing a 40% duty on imported hot rolled coils.
Another HRC trader in Vishakha offers INR40,000/t (USD650/t) for above grade, INR2,000/t (USD32/t) lower than the beginning of the month.
According to the source, low offers from oversea suppliers give local mills much pressure. In addition, the downstream demand shows no improvement after the Diwali Festival holiday at the end of October. With the sales volume of only 600t at the end of last month, the source complains about the falling prices and unsatisfying sales.
An HRC trader in Mumbai reveals to Asian Metal that the current price for IS2062 3.0mm*1,250mm*C from local mills is INR36,000/t (USD585/t), down by INR2,000/t (USD32/t) over the end of last month.
At the end of October, there was a short holiday for Diwali Festival, but the market showed no improvements after the holiday. The source credits lower offers for above product from Chinese mills for the decreasing market price. “In past two weeks, import offers from China moved down by over USD10/t,” he says, hoping that the local price can be stable as the government is considering imposing a 40% duty on imported hot rolled coils.
Another HRC trader in Vishakha offers INR40,000/t (USD650/t) for above grade, INR2,000/t (USD32/t) lower than the beginning of the month.
According to the source, low offers from oversea suppliers give local mills much pressure. In addition, the downstream demand shows no improvement after the Diwali Festival holiday at the end of October. With the sales volume of only 600t at the end of last month, the source complains about the falling prices and unsatisfying sales.
