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News

Indian steel prices see 2% rise in March, despite uncertain market conditions

MEPS (International) : 30 March, 2011  (New Product)
While the average gain of flat product prices in India, this month, was 2%, procurement activity was weaker than expected, according to MEPS' new Indian Steel Price series, which are used as an independent reference price for steel purchasing. Price and index tables offer the latest domestic ex-mill prices, updated on a monthly basis.
Hot and cold rolled coil producers and traders offered concessions in an attempt to reinvigorate sales. Most plate manufacturers are operating at cost following pressure from increased raw material prices. Demand for flat products remains uncertain and negative price expectations persist.

Consumption of wire rod was unsettled by raw material price volatility and the uncertainty surrounding the “union budget”. The majors continued to focus on winning the compulsory local purchases from public sector undertakings.

Structural sections producers issued higher prices due to low inventory levels and full order books. The market is divided over the segment’s price direction in April. Most distributors do not expect a major price correction to occur until the start of the country’s monsoon season. In the interim, any price movement is likely to be only marginal.
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