Prices of steel products and raw materials fall in India in first half

News from this site: In the first half of this year, the prices of steel products and raw materials in India dropped significantly, and the decline in raw material prices was greater than that of semi-finished products and finished steel products.

From January to June, India's local low-grade (57% grade) iron ore fines suffered the largest decline. The price of fines in Odisha fell 32% year-on-year to 2,900 rupees/ton to 3,000 rupees/ton ($35). / ton ~ 36 US dollars / ton), the export price dropped 29% year-on-year to 62 US dollars / ton ~ 63 US dollars / ton; the price of iron ore lumps (60% grade) used by local steel mills in India also dropped 10% year-on-year. Reaching 5,700 rupees/ton to 5,800 rupees/ton (68 US dollars/ton to 69 US dollars/ton); coking coal prices fell sharply 23% year-on-year to 270 US dollars/ton, due to sufficient supply from Australia and stable demand from India; India’s coke import volume It rose 7% year-on-year to 2.2 million tons as local Indian steel mills increasingly chose to purchase cheaper coke from Indonesia and China to meet spot demand.

In addition, from January to June, billet and rebar prices in India increased slightly by 1% to 2% year-on-year. Amid sluggish steel demand, many of the country's second-tier steel mills have opted to shut down production for maintenance rather than slash prices. Due to weak demand, especially from the automotive industry and weak export demand, India's domestic plate prices also fell slightly by 2% year-on-year, falling to 53,000 rupees/ton to 53,200 rupees/ton (635 US dollars/ton to 637 US dollars/ton) .