Will The Indian Flat Steel Market Stay Strong In April 2023?
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The Indian flat steel market has remained strong during the second half of March 2023 and is expected to stay stable or increase slightly in April 2023. The prices have been driven by various factors which we will explore in the article. Let’s get started.
Reasons Behind Strong Flat Steel Prices
There are several reasons why the Indian flat steel market is likely to remain strong in the near term:
- Sufficient Orders- The plants have sufficient orders for domestic dispatches for at least the first half of April 2023. This indicates that the mills have less scope for price corrections.
- Pending Dispatches & Price Hike- The mills have pending dispatches for exports for April 2023-May 2023. The resumption of export inquiries and the recent hike in prices in European countries by $30-40/ton has indicated improved margins for exports and a positive sign for fresh orders.
- Contracts Renewal– The mills have to renew their contracts with the auto industries. To secure better deals, they should keep prices in a positive direction. Ultimately, the price movement is expected to be driven by the spot trade market.
Flat Steel Prices In India
- HRC- Current offers for HRC stood at around Rs 59,500/ton ex Delhi NCR, Rs 60,500/ton ex Mumbai, Rs 60,000/ton ex Ahmedabad and, Rs 61,000/ton ex Chennai, on an ex-yard basis.
- CRC- Current CRC prices are hovering at about Rs 65,000/ton ex Delhi NCR, Rs 65,500/ton ex Mumbai, Rs 65,000/ton ex Ahmedabad and, Rs 66,000/ton ex Chennai, on an ex-yard basis.
Insight
The Indian flat steel market is likely to stay strong in the near term due to good orders, strengthening prices in the international market, and the need to renew contracts with the auto industries. The price movement is likely to be driven by the spot trade market, and industry participants are optimistic about the market outlook.
Read more: Here’s Why Suppliers Are Optimistic For FY24 Despite Indian Pig Iron Prices Facing Pressure
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