In Indian domestic market, primary steel manufacturers raise flat steel prices by almost Rs 1,000/MT in spot market, however kept their long steel prices unchanged.
In response to this steel manufacturers justify that flat steel prices are largely dependent on global market. Currently falling Rupee on one hand has made coal imports expensive and on the other, has got better realization for exports of finished product.
Steel Authority of India (SAIL), India’s largest steel producer, Jindal Steel and Essar Steel heard to have raised their flat product prices by Rs 750-1,200/MT for different grades and sizes. Most of them have kept their long steel prices unchanged for July 2013.
Steel Prices in India 2013
Unlike Flat, long steel market in India is unaffected to global fluctuations. Long steel is dominated by secondary players and is prices are dependent on local factors like availability of scrap, prices of iron ore and other seasonal factors.
“Flat steel demand has been decent in Indian market for last one month. Also depreciating Rupee has made imports of steel expensive. On the other hand re-bar and structural demand has been impacted by on-going monsoon season in India.” said an official with one of the large steel producer.
On the other hand secondary steel manufacturers in India have been cutting their offers owing to season slowdown.
Current prices for HRC of 2.5mm are in range of Rs 34,000-35,000/MT (Ex-Works) and 12mm Re-bar at around Rs 32,000-34,000/MT (Ex-Works).
Indian Rupee has recently hit an all time low of 60.72/USD on 26th June 2013