Indian steel mills have kept the prices unchanged however in traders market prices have increased marginally by INR 500/MT since last week.
This week Indian flat steel market is characterized with dull and pessimistic as sluggish demand and lower sales volumes prevails in domestic market. Major Indian steel manufacturers are continuing with the same prices for Nov’17. However in traders market flat steel prices have increased marginally by INR 500/MT in since last week with deals getting concluded at increased price .
Currently, trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,500-39,000/MT (ex-Delhi), INR 39,000/MT (ex-Chennai) and INR 39,000-39,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
As per SteelMint assessment current reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 44,000/MT (ex-Delhi), INR 44,000-44,500/MT (ex-Chennai) and INR 43,500-44,000/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
Market participants mentioned that demand from end users segment like furniture,cars manufacturing and white goods remained weak. According to provisional data released by Joint Plant Committee, India witnessed slight growth in its finished steel consumption by 1%,M-o-M basis and was recorded at 7.486 MnT in Oct’17 against 7.449 MnT in Sep’17.However on yearly basis finished steel consumption increased by 5.5% in Oct’17 in contrast to Oct’16.Thus the growth in consumption remained slow.
However, if demand shows any major shift then flat steel manufacturers may go for further revision in domestic market.
Leave a Reply