Indian HRC price moves down slightly
2013-05-23 15:25:03 [Print]
BEIJING (Asian Metal) 19 Apr 13 – The current price for HRC SS400 3.0mm*1,250mm*C in India is USD624-633/t (VAT included), decreasing by about USD5/t compared with that of last week. Traders show that the weak demand is mainly responsible for the current dim situation.
An HRC trader from Mumbai reports to Asian Metal that the price for SS400 3.0mm*1,250mm*C is about USD624/t (33,750INR/t, VAT included), down by USD5/t compared with that of late last month.
The source reveals that after the Holi Festival holiday, local market is much slower than before. "No improvement in downstream demand has been witnessed," he adds. Current CFR Indian quotations from Chinese suppliers are USD590-600/t including the duty of 7.5%, which also imposes pressure on local HRC prices. Therefore, the market is unlikely to recover in the short run.
An HRC trader from Gurgaon shows that the price for SS400 3.0mm*1,250mm*C is about USD633/t (34,250INR/t, VAT included), decreasing by USD5/t over that of late last month.
The source reveals that some prevailing steel mills like Jindal Steel have promoted list prices for HRC by about INY1,000/t at the beginning of the month. Current ex-works price for the above-mentioned grade is about INR35,000/t, but downstream users can’t accept that. About the recovery of the market, he thinks it needs time.
An HRC trader from Mumbai reports to Asian Metal that the price for SS400 3.0mm*1,250mm*C is about USD624/t (33,750INR/t, VAT included), down by USD5/t compared with that of late last month.
The source reveals that after the Holi Festival holiday, local market is much slower than before. "No improvement in downstream demand has been witnessed," he adds. Current CFR Indian quotations from Chinese suppliers are USD590-600/t including the duty of 7.5%, which also imposes pressure on local HRC prices. Therefore, the market is unlikely to recover in the short run.
An HRC trader from Gurgaon shows that the price for SS400 3.0mm*1,250mm*C is about USD633/t (34,250INR/t, VAT included), decreasing by USD5/t over that of late last month.
The source reveals that some prevailing steel mills like Jindal Steel have promoted list prices for HRC by about INY1,000/t at the beginning of the month. Current ex-works price for the above-mentioned grade is about INR35,000/t, but downstream users can’t accept that. About the recovery of the market, he thinks it needs time.
