Prices of steel products and raw materials fell in India in the first half of the year

2024-08-22 16:25:18

In the first half of this year, the prices of steel products and raw materials in India fell significantly, and the price of raw materials fell more than semi-finished products and finished steel.
From January to June, India's local low-grade (57% grade) iron ore powder fell the most, Orissa's fine powder prices fell 32% year-on-year to 2900 rupees/ton ~ 3000 rupees/ton ($35 / ton ~ $36 / ton), export prices fell 29% year-on-year to 62 dollars/ton ~ 63 dollars/ton; The price of iron ore blocks (60% grade) used by Indian steel mills also fell by 10% year-on-year to Rs 5,700 to Rs 5,800 per tonne (US $68 to US $69). Coking coal prices fell sharply by 23% year-on-year to $270 / ton due to ample supply from Australia and stable demand from India. India's coke imports rose 7 per cent year-on-year to 2.2 million tonnes as local mills increasingly opted to buy cheaper coke from Indonesia and China to meet spot demand.
In addition, from January to June, Indian billet and rebar prices increased slightly by 1% to 2% year-on-year. In the case of sluggish steel demand, many secondary steel mills in the country have chosen to shut down production rather than slash prices. Due to weak demand, especially in the automotive industry and weak export demand, domestic plate prices in India also fell slightly by 2% year-on-year to 53,000 rupees/ton to 53,200 rupees/ton ($635 / ton to $637 / ton).