Few major Indian steel manufacturers have today announced increase in domestic flat steel prices by INR 750-1000/MT in the month of Apr’18. Indian steel mills including JSW Steel, Essar Steel have announced price hike. However price hike done by govt. owned PSU – SAIL could not be confirmed at the time of publishing the report. But if market sources are to be believed the steel maker shall also announce price hike shortly.
After increase JSW’s HRC (2.5 mm- 8mm,IS2062) is around INR 45,500-46,000/MT (ex-Mumbai) and that of Essar Steel is in the range of INR 44,500-45,000/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
Price of CRC (IS513) 0.9mm offered by these mills is hovering in the range of INR 49,750-50,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.
Last month, Indian steel mills have raised the flat steel prices in the month of March by INR 1000/MT.
Domestic flat steel prices are showing upward momentum owing to increase in global flat steel prices.Major exporting nations are offering HRC export offers on higher side. Chinese HRC export offers have moved up this week and the assessment stands in the range of USD 590-610/MT, FoB.
On the other side,traders are reluctant to purchase over higher steel prices.Market participants shared that “currently sentiments in the traders market remained bearish due to slow demand .Buyers are skeptical since they feel increased prices will be difficult to absorb in the domestic market.”
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