On April 30, SteelOrbis reported stable HRC prices in India as trading volumes were on the rise.
Sources inform SteelOrbis that several major steel mills in India have recently announced HRC prices increases of INR 800-1,000/mt ($12-15/mt) for May shipments.
“With the increased import prices in the Southeastern Asian region as well as higher import prices at neighboring countries such as Bangladesh, and strong domestic fundamentals in India, Indian domestic HRC prices are expected to receive support,” stated a source. The higher prices on ex-China HRC are attributed to a domestic rebound but also expectations of tighter supply in the export market due production cuts of both raw materials and steel finished goods in the Chinese provinces of Jiangsu and Guangdong on environmental policies.
Additionally, the source added that despite rangebound iron ore prices domestically, reflecting the global trend, pig iron producers such as Tata Metaliks are also announcing price increases on pig iron of INR 500-800/mt ($7-12/mt) for May.
USD = INR 66.83