This week domestic PPGI prices softened amid seasonal slowdown in domestic market. Dull buying and arrival of monsoon has compelled the manufacturers to keep PPGI prices unchanged for July deliveries. However in retail market, prices have come down.
Major manufacturers continue to offer PPGI (0.5mm, 90 GSM) at INR 64,000-64,500/MT (ex-Mumbai, GST extra).However JSW Steel’s prices remain at INR 70,000/MT (ex-Mumbai, GST extra).
Market participants commented that,”Inactive buying in domestic market over sluggish demand has kept the PPGI prices softened in domestic market.”
Last month Indian major manufacturers had raised PPGI prices by INR 1000/MT in domestic market.
Domestic GP Prices decline over weak purchases – Domestic GP prices moved down by upto INR 500-1000/MT due to inactive buying in domestic market. Low purchases have pushed the traders to decline the prices in domestic market.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 55,000-58,000/MT (ex-Mumbai) and INR 56,500/MT (ex-Hyderabad) and INR 55,00/MT (ex-Delhi) and INR 55,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
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