This week major mills have continued to hold prices of (Pre Painted Galvanized coils (PPGI), however market participants expect a downturn in the new deals to be concluded over low demand.Arrival of monsoon season resulted to dwindling demand in domestic market.
Few major manufacturers continue to offer PPGI (0.5mm, 90 GSM) at INR 64,000-65,000/MT (ex-Mumbai, GST extra). However JSW Steel’s prices remain stable at around INR 70,000/MT (ex-Mumbai, GST extra).
In Delhi, major manufacturers’ PPGI prices are heard around INR 64,500-65,000/MT (ex-Delhi, GST extra).
A steel manufacturer based in western India commented ”Limited trades amid sluggish demand in domestic market have kept the prices unchanged this week. However if situation continue to persist PPGI prices may correct in near term”
Thus slow movement of material,inactive bookings and subdued demand have kept the PPGI prices unchanged in domestic market.
Domestic GP Prices continue to remain on lower side- Domestic Galvanized Plain Coil prices continued to remain on lower side in line with falling flat steel prices in domestic market.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 56,000-60,000 /MT (ex-Mumbai); INR 56,500/MT (ex-Hyderabad); INR 54,000/MT (ex-Delhi) and INR 55,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
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