Negotiated price settlement values, for hot rolled coil, were unchanged in India, said MEPS International in a research note. Stockists report that the domestic market is oversupplied. Imports have only exacerbated the situation. Offers from Asian suppliers of commercial grade coil for September shipment stood at US$520/530 per ton CFR (excluding 7.5 percent import duty and port handling expenses).

In the commodity plate market, buying sentiment has failed to improve. Distributors have reported low trading volumes in the states of Haryana and Maharashtra. Quotations from Asian hot rolled plate suppliers for September shipment stood at US$530/545 per ton CFR (excluding import duty).

Cold rolled coil purchasing activity remains subdued. Quotations from Asian steel suppliers, for September delivery, stood at US$605/615 per ton CFR (excluding 7.5 percent import duty and port handling expenses) – up 0.8 percent, month-on-month. Effective transaction values, for galvanised coil, were stable over the period under review.

Monsoon rains have continued to constrain construction activity in the central, northern and southern states. Rashtriya Ispat Nigam Ltd (RINL) elected to maintain its August basis selling figure, for wire rod, at Rs42,230 per ton (excluding all taxes). Business activity has been slow in the Indian sections market.

Reinforcing bar transaction values edged higher after the country’s Independence Day. Secondary producers based in Central and Western states are operating at less than 50 percent production capacity. 

Merchant bar stockists report that there is little appetite for purchasing at present amongst local construction firms. Secondary mill quotations continued to shadow the cost of steelmaking raw materials – particularly, pencil ingots, sponge iron and ferrous scrap.