Indian Mid-Sized Steel Mills Slash Offers But Large Indian Mills Remain Firm

Mid-sized steel mills in India (whose contribution to India’s steel production is about 40%-45%) have slashed their prices by up to Rs 800 per ton in the opening hours of 9 January 2023. Decreasing prices in the northern region have forced producers to reduce their offers. In terms of orders, the plants have enough bookings. They are eyeing to complete dispatches of previous orders.

As per industry experts, the prices should stabilise once trade activities in the northern region improve. These are affected majorly due to heavy winter in the region leading to a slow offtake of finished steel products and price falling across commodities.

For the large Indian mills, the market remains firm after the price increased during the first week of January 2023. All the major producers are operating at an average level of Rs 59,500-60,000 per ton delivered to NCR (northern India) for size 12-32 MM rebars.

In addition, the flat steel offers stabilised after a hike announced during the previous week. With firming up international prices of HRC imports becoming unviable, the demand may improve in the future. Traders and distributors are offering prices higher by Rs 1,500 to Rs 2,000 per ton compared to floated offers at the end of December 2022.

Read more: Indian Primary Steel Mills See Improved Inquiries At Export Front