Market News Today

The primary market for steel structures saw price increases this month. However, supply issues are a concern, particularly due to the ongoing maintenance of the IISCO facility, which produces high-demand structures. Meanwhile, the secondary market remains stable for conventional sizes but is facing a decline due to reduced demand and the falling price of iron ore in China.

Primary TMT prices have remained relatively stable across key regions like Mumbai, Delhi, and Vizag, despite price hikes from distributors. Demand in the market is sluggish, with low inquiries and even lower conversion rates, as buyers focus more on negotiating prices than on making purchases. Meanwhile, the Indian government is addressing rising steel imports.

The stainless steel market remains mixed, with the 300 and 400 series facing low demand, while the 200 series sees increased interest due to limited imports. Prices across various grades remain steady, with slight variations between imported and domestic materials.

Taiwanese cold-rolled stainless steel exports to Vietnam get a boost as anti-dumping duties are lifted, potentially benefiting manufacturers like Yusco and Tang Eng.

Viraj Profiles inaugurates a new Piercer Mill at its Seamless Pipe Plant in Boisar, Maharashtra to produce high-strength seamless stainless steel pipes.

Primary TMT prices remain stable across regions. Despite sufficient supply, demand has remained low, with buyers hesitant to close deals. Distributors are engaging in price negotiations due to high inventory levels. Meanwhile, analysts project higher demand and profitability for steel companies in Q3FY25, driven by cost efficiency and stable input prices.

Structure prices have seen notable changes this month, with SAIL and RINL implementing price hikes in their latest revisions. The IISCO plant's 45-day maintenance has caused a significant supply crunch in primary materials, while secondary markets remain stable but face declining inquiries and minimal demand.

DOC increased import charges to 29% for Japanese Steelmaker Nippon Steel due to dumping concerns

Structural steel prices show mixed trends with primary market prices rising due to supply constraints, while secondary market prices remain largely stable or declining. Maintenance at the IISCO plant and a shortage of RINL round bars have tightened primary supply, driving up prices. Secondary mills, with sufficient inventory, face weaker demand.

Stainless steel prices remain varied across grades, with the 200 series seeing increased demand due to limited imports. The 300 and 400 series continue to face low demand, driven by financial constraints and market oversupply. Experts predict a steady performance for the 200 series, while other grades may continue to struggle.