Indian HRC prices stable
2023-03-09 08:23:09 [Print]
BEIJING (Asian Metal) 9 Mar 23 - After the slight rebound of INR500-1,500/t (USD6-18/t) in the past week, prices of HRC in India keep flat this week, coupled with participants' wait-and-see attitudes. The present prevailing prices of HRC IS2062 3.0mm*1,500mm*C hover at INR59,000-61,500/t (USD720-750/t) D/P in warehouse Mumbai, similar to late last week. Insiders foresee stable prices in the following several days upon the watchful atmosphere in the market.
"Suppliers quote INR60,000/t (USD732/t) for HRC IS2062 3.0mm*1,500mm*C this week, and could accept INR59,000/t (USD720/t) for orders of above 300t. We bought 500t of the material at INR59,000/t (USD720/t) on Tuesday, and last purchased 300t at the same price in the middle of last week," noted a local consumer. In the meantime, he revealed that orders for final products keep improving and participants have confidence in the market in the new financial year. Believing prices would go up within this month, the consumer purchases HRC actively. "We just bought 300t at one single time in early February when prices showed signs of falling, but tend to hike the purchasing volume to above 500t now," added the consumer. He deems prices of HRC would rise in the coming several days seeing the upward price trend in the international market.
With the consumption capacity of 5,000tpm, the consumer might consume 4,000t in March, up from 3,000t in February. He roughly consumed 39,000t in 2022, down from 50,000t in 2021, holding around 800t of inventories right now.
"We tend to maintain prices flat to watch the market seeing the steady demand from downstream industries," stated a local trader, quoting INR59,000/t (USD720/t) without concession for HRC IS2062 3.0mm*1,500mm*C. "Regular clients purchase normally, and we sold 600t of the material at INR59,000/t (USD720/t) on Wednesday, similar to the average daily sales volume of late February," added the trader. According to him, local HRC prices witnessed the total markup of around INR7,000/t (USD85/t) in the past two months, and steel mills keep eager to lift prices at the moment boosted by the continuous price increases in the international market. However, the downstream demand keeps far from strong. The trader predicts firm prices of HRC in the forthcoming several days seeing the steady market.
Holding around 10,000t of stocks, the trader might sell 18,000t in March, identical to February. Based on the regular monthly sales volume of 20,000t, the trader roughly sold 140,000t of HRC in 2022, down from 180,000t in 2021.
"Suppliers quote INR60,000/t (USD732/t) for HRC IS2062 3.0mm*1,500mm*C this week, and could accept INR59,000/t (USD720/t) for orders of above 300t. We bought 500t of the material at INR59,000/t (USD720/t) on Tuesday, and last purchased 300t at the same price in the middle of last week," noted a local consumer. In the meantime, he revealed that orders for final products keep improving and participants have confidence in the market in the new financial year. Believing prices would go up within this month, the consumer purchases HRC actively. "We just bought 300t at one single time in early February when prices showed signs of falling, but tend to hike the purchasing volume to above 500t now," added the consumer. He deems prices of HRC would rise in the coming several days seeing the upward price trend in the international market.
With the consumption capacity of 5,000tpm, the consumer might consume 4,000t in March, up from 3,000t in February. He roughly consumed 39,000t in 2022, down from 50,000t in 2021, holding around 800t of inventories right now.
"We tend to maintain prices flat to watch the market seeing the steady demand from downstream industries," stated a local trader, quoting INR59,000/t (USD720/t) without concession for HRC IS2062 3.0mm*1,500mm*C. "Regular clients purchase normally, and we sold 600t of the material at INR59,000/t (USD720/t) on Wednesday, similar to the average daily sales volume of late February," added the trader. According to him, local HRC prices witnessed the total markup of around INR7,000/t (USD85/t) in the past two months, and steel mills keep eager to lift prices at the moment boosted by the continuous price increases in the international market. However, the downstream demand keeps far from strong. The trader predicts firm prices of HRC in the forthcoming several days seeing the steady market.
Holding around 10,000t of stocks, the trader might sell 18,000t in March, identical to February. Based on the regular monthly sales volume of 20,000t, the trader roughly sold 140,000t of HRC in 2022, down from 180,000t in 2021.
