Major Indian steel manufacturers have announced roll over in flat steel prices for July deliveries.Weak purchases along with dull demand has compelled the Indian steelmakers to keep the domestic flat steel prices unchanged for the month of July.
Meanwhile,on the other hand prices in the traders market continued to remain on lower side owing to slow movement of material and sluggish demand prevailing in domestic market.
A trader based in Delhi mentioned that,”Buyers are reluctant to make their purchase now and are waiting for prices to get corrected further in traders market.Also liquidity issues continue to prevail in few regions leading to dull trades”.
Prices have come down this week upto INR 500-1000/MT. As per SteelMint price assessment,currently trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 45,500-45,800/MT (ex-Mumbai),INR 45,700-45,800/MT(ex-Delhi) and INR 45,500-46,000/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 50,500/MT (ex-Mumbai),INR 50,500/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Thus, amid slack demand in domestic market has made Indian steel mills to shift their interest to export sales majorly to South East Asian nations owing to rupee depreciation and higher gains from global market. Mills have booked over 130,000 MT HRC for export to SE Asian nations and Middle-East in a month’s time.
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