1. Domestic HRC prices increased by INR 500/MT in first week of October followed by safeguard duty announcement on 15 Sep’15. However prices retreated to the previous levels giving up to the pressure of cheaper import offers from China. After this single price movement, HRC prices remained stable throughout the month.
2. Imported offers from China dipped by USD 10/MT whereas offers from Korea/Japan registered a fall of USD 10-15/MT amid sluggish demand and oversupply.
3. Current offers for 2.5 mm HRC is being assessed at INR 32,500/MT (ex-Mumbai; including excise of 12.5%), USD 285/MT from China, USD 325-330/MT (from Korea/Japan). All prices are on CNF India basis.
4. HRC Imports were recorded at 98,370 tonnes from 1-17 Oct’15.
1. Domestic CRC prices registered fall in the range of INR 300-500/MT in October. Imported offers from China fell by USD 10-15/MT whereas offers from Korea fell drastically by USD 70/MT from Korea.
2. Post safeguard duty, there has been surge in CRC imports from China, Japan, and Korea. India’s total CRC imports during 1-17 Oct’15 were 44,708 MT and the highest quantity was booked from Korea, followed by Japan and China.
3. Current domestic offers for 0.9 mm CRC is INR 36,500/MT (ex-Mumbai; including excise of 12.5%i). Imported offers from China is at USD 290/MT, from Indonesia at USD 310/MT and from Korea at USD 330/MT (all prices on CNF India basis).
1. Domestic 5-10 mm plate prices reduced by INR 1,000/MT. Imported prices from China fell by USD 10/MT while POSCO (Indonesia) offers fell by about USD 20/MT.
2. Domestic offers for 0.9 mm plates are being assessed in the range of INR 26,500-27,000/MT (ex-works, excluding excise).Imported offers for commercial grade (A36) plates is being assessed at USD 290-295/MT from China, USD 310-320/MT from Indonesia, and USD 330/MT from Korea. All prices are on CNF India basis.
3. India’s integrated steel manufacturers have filed petition with DG Safeguards for safeguard duty on hot rolled plates.
1. Imported and domestic flat steel prices are likely to fall in November however in the long run prices are likely to stabilize. This is because 20% production cut is anticipated in China which is likely to control its oversupply. Also raw material, scrap prices in international market are gaining momentum which will probably move flat steel prices in upward direction.
2. DG Safeguards (DGS) had issued a notice to hold public hearing on HRC safeguard duty case on November 16, 2015 at 10 am in New Delhi. It had been notified that all the interested parties can participate in the public hearing.