Indian flat steel prices have witnessed further decline in traders market by INR 500-1000/MT W-o-W as the sluggish demand coupled with end of financial year resulted in bearish sentiments in domestic flat steel market.
Last week also domestic flat steel prices witness marginal decline in traders market.
Market sources shared that,” Buying activity remain very limited in domestic market owing to end of financial year and buyers have lowered purchases”.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 43,500-44,000/MT (ex-Mumbai),INR 44,000-44,500/MT(ex-Delhi),INR 44,500-45,000/MT (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 48,500-49,000/MT (ex-Mumbai) INR 49,500-50,000/MT (ex-Delhi) and INR 49,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Issues related to material availability seems to have restored as SAIL’s Bokaro plant which faced fire breakout in its hot strip mill and was under maintenance is heard to have resumed operations.
On the other hand major Indian manufacturers are planning to raise flat steel prices about INR 500-1000/MT in the month of Apr’18. However market participants remain perplexed regarding hike in flat steel prices as it seems difficult to absorbed in the domestic market.
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