September price hike of Chinese steel will provide relief for Indian manufacturers: Report
steel prices may give some relief to Indian steel makers. A report by Axis Securities highlights that Chinese hot-rolled coil (HRC) steel prices have gone up in September 2024, giving an edge to Indian steel companies.
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«The increase in Chinese HRC prices has turned the import parity premium of the domestic HRC prices vs. Chinese prices from approx. 7-8 per cent in Sep'24 into an import parity discount of approx. 3 per cent at present» said the report.
The report noted that as of September 2024, the domestic HRC (hot-rolled coil) prices were about 7-8 per cent higher than Chinese prices, but this gap has now reversed into a discount of approximately 3 per cent.
HRC, which stands for hot-rolled coil, refers to steel rolled into coils at high temperatures and is commonly used in industries such as construction, automotive, and manufacturing.
The report says that this shift is expected to provide some relief to Indian HRC (Steel) makers to stabilise domestic prices.
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