Steel makers in India have decided to hike benchmark prices of flat steel products like hot rolled and cold rolled coils by an average of around Rs 1,500 per tonne.

The move is perhaps a clear indicator of a perk up in overall steel demand from consumer sectors like durables and automobiles.

Two of the country’s largest steel companies, state-owned SAIL and
private sector major, Tata Steel hiked prices this week. The firming up
of domestic steel prices is a reflection of the international market
where restocking by European steel companies has led to a firming up of
benchmark HRC prices to $600 per tonne.

The price increases came into effect from September 1 for the entire
month. However, neither of the two companies raised long product prices.

SAIL has increased prices of hot rolled coils by Rs 1,500 per tonne.
With this, HR coil prices are expected to hover around Rs 32,000/tonne
in September, a shade higher than the international HR prices which are
ruling at $600/tonne (approx Rs 30,000). International steel prices are
rising on account of restocking by the European steel users.

Meanwhile, iron ore exporters in Goa say Australia’s Yandi mines have emerged as a tough competition for them.

The low grade iron ore produced by the relatively new Yandi mines in
Western Australia and the region’s relative proximity to China are
posing a threat to Goa’s exporters.

China accounts for 80% of India’s ore exports. And the emergence of Yandi mines has certainly evolved as a threat.

What has compounded the problem is that the Chinese government had
slashed incentives for steel mills, which could impact their iron ore
imports from Goa.

South Korea and Japan were the other major markets for low grade iron ore.

Source: Commodity Online

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