Indian steel prices have fallen into a continuous downward trend since the beginning of April, and the decline gradually slowed down at the end of the month. Local leading steel mills have a strong willingness to support prices. Quote.
The delivery price of IS2062 2.5-10mm HRC in the Mumbai spot market was around $950-955/t excluding tax on Thursday, and was flat on Wednesday. The price of Raipur IS1786 Fe500D rebar is at US$920-925/ton, up by US$3-5/ton from the previous month. Although the pace of market transactions remains slow, buyers are holding on to offers.
Due to the large price drop throughout April, the middlemen suffered losses. It is understood that the stockists in the Mumbai area lost an average of 4,000-4,000 rupees per ton in April. At present, the inventory level in the Indian market is low, and the buyer’s demand for replenishment has increased slightly, but the wait-and-see attitude is still very heavy.
Local traders reported to Mysteel that the price increase was not driven by demand, mainly because large steel mills took the initiative to raise their quotations to ease the over-month-long downturn.
Post time: Apr-29-2022