India: Steel production cuts support HRC trade prices

Indian flat steel producers have been curtailing their production since mid-July effectively reducing the pace of the decline in the trade level HRC and CRC prices. This week, prices have dropped marginally by up to INR 600/t in the Mumbai market.

SteelMint's benchmark price assessment for HRC (IS2062, 2.5-8mm) fell by INR 100/t ($5/t) w-o-w at INR 57,000-57,500/t, while CRC (IS513 Gr O, 0.9mm) prices are at INR 66,500-67,500/t, down by INR 600/t. Prices are exy-Mumbai, excluding GST at 18%. Factors supporting HRC/CRC prices – 1. Supply constraints: The decline in trade