Big Steel Price Cuts Coming in India to Combat Cheap Imports

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Coiled steel for import

India’s largest steelmakers are expected to cut prices to the lowest in almost a year to cope with a glut created by surging imports from China, Russia and South Korea, Livemint reported.

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Prices of hot-rolled steel may fall by more than 4% this month to Rs 32,500 a ton, according to the average of 6 estimates compiled by Bloomberg from industry executives, government officials and analysts.

The price of Chinese ferro-moly fell 5.7% on Monday, February 2, making it the day’s biggest mover. After three days of flat prices, it closed at CNY 82,000 ($13,121) per metric ton. The price of Chinese ferro-chrome was unchanged at CNY 10,950 ($1,752) per metric ton.

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Chinese stainless steel closed mixed on Monday. After falling 5.7% to CNY 82,000 ($13,121) per metric ton, the price of Chinese ferro-moly reached a 30-day low. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 10,950 ($1,752) per metric ton.

The price of Chinese primary nickel gained 1.0% to finish at CNY 109,500 ($17,521) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.94 per pound. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,792) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,672) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 12,950 ($2,072) per metric ton for the fifth day in a row.

After a 1.3% increase, the cash price of primary Indian nickel finished the day at INR 935.00 ($15.08) per kilogram. On the LME, the spot price of nickel inched up 0.5% to $14,780 per metric ton. On the LME, the 3-month price of nickel rose 0.3% to $14,800 per metric ton.

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