Following price hike announced by major mills last week, Indian flat steel prices continued to remain on higher side in traders market this week amid lesser availability of material in domestic market.
SteelMint has already mentioned that some major steel mills are undergoing maintenance issue in their plants due to which they are unable to supply adequate material in domestic market.
Similarly,other major mills are already holding backlog orders for exports and few orders from automobile companies.Thus demand supply mismatch and less imports is leading to hike in Indian flat steel prices.
Last week major Indian steel manufacturers have raised flat steel prices by INR 1500-2000/MT in for Feb deliveries.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 44,000-44,500/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi),INR 44,500MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Trade reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 47,600-48,000/MT (ex-Mumbai) INR 47,000-48,500/MT (ex-Delhi) and INR 48,000-48,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
However the situation still remain uncertain that amid tight supply will the higher prices be able to sustain in the domestic market.
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