This week domestic flat steel prices decline further upto INR 500/MT in few traders market. Lower sales volumes,sluggish demand and slump in trade activities resulted to fall in flat steel prices in domestic market.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 45,500/MT (ex-Mumbai), INR 45,750/MT(ex-Delhi), INR 46,000/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 51,000-51,500/MT (ex-Mumbai),INR 52,500/MT (ex-Delhi) and INR 51,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
A trader based in Delhi mentioned that,”Hike in Indian flat steel prices in the beginning of May has not yet absorbed in traders market owing dull demand.Also upcoming festive season of Ramadan will halt buying activities for short term in coming month”
Meanwhile market sources commented that in fewer regions traders are facing the problem of liquidity crunch so they have started providing rebates and discounts on cash payments.
However traders and end users are reluctant to purchase the material at higher prices and are eyeing for price announcement in June.
Last week also flat steel prices declined by INR 500/MT over weak purchases in domestic market.
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