The Indian Steel Composite Index decrease by 0.6% in the week ending August 30, 2024, decreasing to 132.0 points. Sub-indices including flat and long products also saw large decrease of 0.7% and 0.5%, respectively. At the end of the week, the Indian Flat Steel Composite Index closed at 132.7 points, while the Indian Long Steel Composite Index closed at 131.2 points.
Tier 1 producers increased their blast furnace rebar prices by USD 9-12/t during the week. The current list prices are at USD 596-608/t on a commodity basis. Following the price hikes, commercial grade rebars increased in major markets compared to the previous month. However, buying demand in the commercial segment remained weak. Commercial segment rebars (12-32mm, Fe500D and Fe550D) increased by USD 8/t excluding 18% GST to USD 599/t exy-Mumbai. In the project segment, prices are hovering in the range of USD 572-584/t on a Mumbai basis.
Mills have reduced production by 20-25% due to increased inventories pending in the markets for the last 12-15 days. IF fittings prices at trade level remained stable at USD 545/tonne ex-Mumbai. The price difference between BF-IF fittings in the Mumbai market varied around USD 48-54/tonne.
Hot rolled coils (HRC) (2.5-8 mm, IS2062, Gr E250 Br) current prices ex-Mumbai decreased by USD 3.57/tonne to USD 599/tonne. Additionally, cold rolled coils (CRC) (0.9 mm, IS513 CR1) ex-Mumbai decrease by USD 1.19/tonne to USD 682/tonne. All these prices exclude 18% GST.
Comments
No comment yet.