The Seasonal Monsoon Affects The Increase Of Imported Resources, And The Domestic Steel Market in India Continues To Be Under Pressure

  Major steel mills in India have lowered prices for hot-rolled coils in July due to weak demand affected by seasonal monsoons. In terms of sheet metal, the current ex factory price of hot coils in India is generally between $615-640 per ton, which is $15-25 per ton lower than the price in June. It has also been heard that some traders’ quotations are mainly concentrated at the level of 619-622 US dollars/ton. Even if the quotations are reduced, the competitiveness of this price is still weak compared to the price of 613 US dollars/ton for some Japanese export resources. In terms of long materials, the current quotes for rebar from some domestic steel mills in India are generally around 46000-47000 rupees per ton, a slight decrease of 500 rupees per ton (about 6 US dollars per ton) compared to the previous trading day. Currently, the inventory in the long material market is still high, and coupled with the impact of rainfall in some areas, the market trading atmosphere is quiet.

  In addition to being affected by weather conditions, the increase in India’s imports of more competitive resources is also one of the factors affecting the decline in domestic trade prices in India. At present, Vietnam’s Formosa Ha Tinh Steel Company has obtained the third BIS certificate renewal required to supply steel to India, adding hot-rolled steel products with steel grade (IS) 5986, valid until December 2024. It is reported that Pohang Steel in South Korea is about to renew its BIS certificate, and some Indian steel mills have recently called for increased import tariffs to cope with the impact of Chinese steel. The increase in imported resources has continued to put pressure on the Indian steel industry.