MUMBAI (Scrap Register): Indian steel transaction values weakened in August, month-on-month, according to MEPS International. JSW Steel and Essar Steel have lobbied the Modi government to impose, a provisional safeguard duty, on all imports of hot rolled coil and other flat finished steel products.
Cold rolled coil stockists were wary about rebuilding inventories fearing that prices may fall further. Meanwhile traders of galvanised coil have expressed concerns regarding this year’s monsoon rains. They fear that poor crop yields will deflate downstream demand from the agricultural sector.
The Indian wire rod market has continued to endure challenging trading conditions. Dealers in Mumbai and Raipur were not optimistic about any price increases in August.
Activity in the structural sections market continued to be challenging. Buyers preferred to delay bookings, in anticipation of further price concessions from domestic suppliers.