Indian flat steel prices have remained stable since last couple of weeks owing to slow demand and limited trade activities in domestic market.
Although market participant mentioned that Indian mills are planning for another hike in flat steel prices by INR 1,000-1,500/MT in domestic market for March.
Supply shortage, higher landed cost of HRC imports amid lesser import bookings have propelled the Indian manufacturers to further raise the prices of flat steel in domestic market.
However few trades sources mentioned that stockiest and traders are still skeptical about whether the increased prices will be absorbed or not.
However,currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 44,500/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi),INR 44,500-45,000MT (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 48,000-48,500/MT (ex-Mumbai) INR 48,500-49,000/MT (ex-Delhi) and INR 48,000-48,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
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