Recent appreciation of the Indian Rupee and falling international steel prices have forced steelmakers in that country to marginally cut prices of flat product like hot-rolled coil (HRC) in order to stay competitive with cheaper imports. The price-cutters, including Essar and JSW, however, are planning to increase prices of long products, especially TMT (themo mechanical treatment) bars as its demand continues to be good.
On Tuesday, April 1, the day’s biggest mover was the price of Chinese HRC, which saw a 0.6 percent decline to CNY 3,340 ($537.21) per metric ton. This was the first move after three changeless days. The price of Chinese coking coal held steady at CNY 1,390 ($223.57) per metric ton. The price of Chinese slab continues hovering around CNY 3,480 ($559.72) per metric ton for the fifth day in a row. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.11) and a low price of CNY 830.00 ($133.50) per dry metric ton.
The cash price of steel billet saw little movement on the LME at $390.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.
The US HRC futures contract 3-month price remained essentially flat at $635.00 per short ton. The US HRC futures contract spot price showed little movement on Tuesday, hovering around $639.00 per short ton.