India: Flat Steel Prices Recover on Recent Hike Announced by Major Mills
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Major steel mills in India raised flat prices by Rs 500-1,000/ton in the current week. Rising raw material costs and price recovery in international markets are pushing producers to keep prices higher.
Current offers for HRC are reported at around Rs 59,500-60,000/t ex Mumbai and Delhi, excluding of GST.
Reasons For Price Recovery
The primary factor for the price recovery is reported to be a significant surge in coal prices, which has continued to rise since December onwards. The current price of Australian coking coal stands at around $390-395/ton, up from $340-3450/ton CFR India in January 2023.
Also, strengthening prices of iron ore have fueled the manufacturers’ costs, which in turn led to price recovery in finished steel products after a drop of around Rs 1,000-1,500/ton in mid-February 2023.
Along with the surge in input costs, the strengthening global HRC prices have somehow influenced Indian steel mills to increase their prices. Prices of HRC in the international market have significantly risen for a few weeks with higher offers by the world’s largest steel producer – China, which has already risen by $50-60/ton in a month duration.
In the context of Indian export offers, they rose by around $100/ton in 2023 and currently stand at around $710-715/ton FOB. The removal of export duty on Indian exports resulted in higher offers from Indian mills too, and mills liquidated a good quantity after the export duty removal, which led to narrowed down inventories in India.
Future Prospects
Prices of flat steel are likely to remain strong on expected improved demand on account of fiscal year closing, which generally boosts demand for steel as major project works turn on fast pace. Also, there are higher chances for strong raw material prices in the near term, which are likely to influence mills to keep prices strong.
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