India’s domestic sheet metal prices fell this week, with spot IS2062 hot coil prices falling to Rs 54,000 / tonne in Mumbai market, down Rs 2,500 / tonne from two weeks ago, as demand continued to be insufficient to support the earlier price boost due to the removal of export duties. There are concerns about demand following the monsoon season, and most traders expect hot roll prices to fall further. Although China’s recent gains have also boosted regional sentiment in Asia.
Following the removal of export tariffs on steel products last month, India on July 7 included steel exports in the RoDTEP (Export Tariff and Tax Relief) scheme, which covers more than 8,700 commodities and aims to increase the price competitiveness of these products and ultimately boost exports through rebates (rebates). Sources said demand for India’s domestic trade may not be as good as expected, as evidenced by the recent easing in prices, so export demand is important for the health of the sector.
Post time: Dec-12-2022