This week domestic flat steel market continued to remain bearish with marginal correction of INR 500/MT in fewer markets. Arrival of monsoons amid dull trades have kept domestic flat steel prices under pressure in traders market.
Last week domestic flat steel prices slumped by INR 500-800/MT in traders market over passive buying.
As per SteelMint price assessment,currently trade reference prices for HRC (IS2062) 2.5mm-8mm is around INR 45,000/MT (ex-Mumbai), INR 45,000/MT(ex-Delhi) and INR 45,500/MT (ex-Chennai).The prices mentioned above are basic on cash payment excluding GST @ 18%.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 50,000/MT (ex-Mumbai),INR 49,500-51,500/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic on cash payment excluding GST@18%.
Domestic HRC prices have declined by INR 500/MT in Ahemadabad and Faridabad regions.However domestic CRC prices decline by INR 500-1000/MT in Faridabad,Delhi and Ludhiana markets.
A market source based in Chennai commented that,”Market sentiments remained very dull. Thus considering the situation seasonal freight concessions from railways and further correction in prices from major Indian mills is expected in near term”.
Few market sources shared that traders are expecting rebates and discounts amid lower bookings in domestic market.Thus sluggish demand in domestic market over lower bookings have pushed Indian steelmakers to explore export options to South East Asian nations.Moreover Indian steel mills have reduced HRC export offers for Vietnam by USD 5-10/MT and are offering at USD 600-605/MT CFR Vietnam.
Domestic Plate prices remained weak over dull buying :Domestic plate prices also remained on lower side over weak purchases in domestic market.
Currently trade reference prices for plates (IS 2062,5-10 mm) are heard at INR 44,000-45,000/MT (ex-Mumbai) and INR 45,000-45,300/MT (ex-Delhi).The prices mentioned above are basic on cash payment excluding GST@18%.
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