NEWS
IRON and STEEL   ECONOMY  

India steel: Restocking boosts HRC prices

India's domestic hot-rolled coil (HRC) prices increased this week as traders restocked.

Mills have been raising offers since the last week of December, but traders were waiting on the sidelines expecting a price correction that has not happened so far, and this reduced their inventories.

But demand from consumer sectors such as automobiles and construction has yet to pick up.

The Argus weekly assessment for HRC of 3mm thickness was at 37,500 rupees/t ($527/t) ex-Mumbai, up by Rs500/t from a week earlier. Offers by major integrated mills this week were at Rs37,000-38,000/t.

In southern India, markets went quiet with the week-long festivities of the Hindu festival Sankranti to be concluded on 17 January.

Prices of domestic coated steel also increased by Rs1,000/t because of a supply shortfall of thinner-gauge HRC, a substrate for coated products. Indian rerollers are looking to import thinner-gauge HRC as domestic mills are exporting more rerolling grade HRC to southeast Asian markets, said the Mumbai-based manager of a large mill.

This week, offers for galvanised sheet of 0.8mm thickness with zinc coating of 80 grammes/square metre (gsm) rose by Rs1,000/t to Rs49,000/t ex-Mumbai. Galvanised sheets of similar thickness with higher zinc coating of 120gsm were offered Rs1,000/t higher at Rs53,000/t.

News No: 8288
Date: 2020/01/10 - 18:43
News Source: Argus Media

India  steel  HRC  trader  gsm 

Comments:

Leave a Comment:

   
   
   
 

Domestic manufacturing of oil pipes saves Iran €60m

The acting head of the Industrial Development and Renovation Organization of Iran (IDRO) has said that manufacturing various types of oil pipes by domestic producers has saved the country over €60 million.
 

HEPCO to manufacture equipment, machinery for mining companies

Heavy Equipment Production Company (HEPCO) has signed memorandums of understanding (MOUs) with five major domestic mining companies to manufacture equipment and machinery for them.
 

Kobe Steel turns non-standard compressor affiliate in China into subsidiary

Kobe Steel, Ltd announces that it has turned its Chinese affiliate, Wuxi Compressor Co., Ltd., into a subsidiary after acquiring additional shares in the company in April 2020. Based in Wuxi, Jiangsu Province, Wuxi Compressor manufactures designs and sells non-standard (process gas) compressors, a core component used in petroleum refining, chemical and natural gas plants.
 

MMK and SMS group managed to implement targeted commissioning despite extremely difficult conditions

In 2018, Magnitogorsk Iron & Steel Works (MMK), Russia, has awarded an order to SMS group covering the extensive modernization of the finishing mill mechanical equipment and the fundamental revamp of the electrical and automation system of hot strip mill 2500 at the Magnitogorsk site.
 WEEKLY STEEL SCRAP:

Turkey keeps buying, Asia bulk markets go quiet

Turkish steel producers remained active in the market for import scrap in the week ending Friday June 12, while prices for bulk scrap in Japan and Vietnam appear to hit a ceiling as activity slowed.
 

Steel import price recovery persists in South America on stronger demand, currency

Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners