This week domestic HRC prices remained stable amid dull buying and softening of demand in domestic market. Market participants shared, arrival of monsoon season along with festive month of Ramadan has lead to weak purchases in traders market.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 46,000/MT (ex-Mumbai),INR 46,000-46,100/MT(ex-Delhi), INR 47,000-47,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
However sentiments in CRC market were reported to be better owing to good demand from automobile sector. Trade reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 51,500-52,000/MT (ex-Mumbai),INR 53,200-53,300/MT (ex-Delhi) and INR 52,000- 52,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
A trader based in Delhi commented,”Hike in flat steel prices in the month of June seems difficult to absorb amid slow movement of material in domestic market.”
However few regions like Faridabad and Chennai registered marginal price increase this week over previous week.
In the beginning of the month major Indian mills have announced price hike of up-to INR 500/MT (USD 7) for June deliveries amid higher production costs.
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