How Was The Performance Of Steel Market In India During Week 15 Of 2023?

The Indian Steel market has witnessed mixed responses during week 15 (8 April 2023-15 April 2023). While the Semi-Finished market observed volatility, the domestic Flat Steel market remained moderate with a slight price correction. On the other hand, the Long Steel price movement remained volatile, fluctuating by Rs 300-800/ton. Let’s dive deep into the steel market and understand its performance in depth.

Market Performance So Far

• Semi-Finished Market- In the first half of the week, the Semi-Finished market remained slow, while in the latter half, prices recovered and stayed supported.

• Domestic Flat Steel Market- The domestic Flat Steel market remained moderate with a slight price correction. Primary mills’ Flat Steel (HRC) prices stood at Rs 60,000-60,400/ton ex Delhi NCR, Rs 61,500/ton ex Mumbai, Rs 61,500/ton ex Ahmedabad, and Rs 62,000/ton ex Chennai. These prices increased to Rs 500/ton, are ex-works, and exclude GST.

• Long Steel Market- Buyers for TMT seemed cautious before taking a position on higher rates. Meanwhile, secondary Wire Rod prices remained supported and increased by Rs 900-1,200/ton w-o-w, whereas primary mills’ Wire Rod market was dull, and prices declined up to Rs 1,000/ton in the key locations.

Steel Prices In India

Primary mills’ TMT prices were reported at around Rs 59,000-59,500/ton (SAIL and TATA) ex-yard Delhi and Mumbai, slightly down up to Rs 500/ton, week-on-week. For Pellet-based Sponge Iron, prices were reported at around Rs 30,500-30,600/ton ex-Raipur. For Billet, prices were at Rs 46,600-46,800/ton ex-Raipur. For secondary TMT, prices were reported at Rs 51,000-51,300/ton ex-Raipur. For Wire Rods, prices stood at Rs 51,400-51,900/ton ex-Raipur.

Market Outlook

The buyers are cautious due to uncertain Steel price movement, and experts are hoping for volatility in the domestic market till the demand recovers as a liquidity crunch persists. Steel demand and prices are likely to react accordingly. The primary TMT segment is likely to see a slight price correction, and secondary TMT prices are expected to be stable at the current level of prices, market participants reported to ofbusiness.

OFB’s Insight 

The Indian Steel market has experienced mixed responses during the week, with the Semi-Finished market observing volatility while the domestic Flat Steel market remained moderate. Prices for TMT remained volatile, and the buyers are cautious about taking positions on higher rates. The primary TMT segment is likely to see a slight price correction, and secondary TMT prices are expected to be stable at the current level of prices.

Read more: Why Indian Pig Iron Market Reporting Fluctuations?

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