Following price hike of INR 800-1000/MT in HRC, HR plates and CRC flat steel last week, prices of galvanized steel coil and coated steel have also moved up.
As reported last week by SteelMint that Indian mills likely to hike domestic PPGI prices for May deliveries. In the latest update received, major Indian manufacturers have raised PPGI prices by INR 1000/MT over rising flat steel prices in domestic market.
Thus,currently major mills like Essar Steel is offering PPGI (0.5 mm, 90 GSM) around INR 63,500/MT (ex-Mumbai, GST extra) for May deliveries.
JSW Steel-India’s largest producer of coated products is offering PPGI (0.5 mm, 120 GSM) around INR 71,500-72,000/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.
However after increase in PPGI prices sentiments in the traders market continued to remain slow.
Currently,trade reference prices of PPGI (0.5mm, 90 GSM) is around INR 62,500-63,000/MT (ex-Mumbai) and INR 64,000/MT (ex-Delhi). The prices mentioned above are basic prices excluding GST@18%.
Domestic GP Prices increases in domestic market – Recently market participants mentioned surge in GP prices by upto 1000/MT in the domestic market.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 55,700-57,800/MT (ex-Mumbai) and INR 55,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Demand in GP market remain subdued as traders are reluctant to purchase the material at higher prices.
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