SteelMint learned from market sources that Indian manufacturers are planning to increase PPGI prices in the month of May. However the amount of price hike is yet to be finalised, but it is expected to be around INR 1000/MT.
One of major Indian PPGI producers – Essar Steel has already raised their PPGI prices by INR 1,500/MT for May deliveries. Post price hike, offers from Essar Steel for PPGI (0.5 mm, 90 GSM) for May deliveries is assessed around INR 62,500/MT (ex-Mumbai, GST extra).
Another major Indian steel mill – JSW Steel has kept PPGI prices unchanged for 2nd half of April. However the steel mill is expected to hike prices next month. PPGI (0.5 mm, 90 GSM) offers from JSW Steel is around INR 71,000/MT (ex-Mumbai).
However this week sentiments in traders market remain stable. Currently,trade reference prices of PPGI (0.5mm, 90 GSM) is around INR 61,000-61,500/MT (ex-Mumbai) and INR 62,500-63,000/MT (ex-Delhi). The prices mentioned above are basic prices excluding GST@18%.
Prices of PPGI in domestic market is on upside. However on the other hand demand still remains slow as traders reported limited buying in domestic market.
A manufacturer based in Mumbai commented that,”Major steel mills are anticipating hike in PPGI prices in coming month,however at trade levels people have the opinion that any significant rise in PPGI prices will be difficult to absorbed in domestic market.”
Domestic GP Prices remain firm this week-This week GP prices remain unchanged in the domestic market.Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 53,500-57,000/MT (ex-Mumbai), INR 56,000/MT (ex-Delhi) and INR 56,000-60,000/MT (ex-Hyderabad) and INR 55,000/MT (ex-Chennai).
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