According to market sources report to SteelMint, major mills in India may reduce PPGI (Pre Painted Galvanized coils) prices next month in domestic market owing to seasonal slowdown and inactive buying.
Market participants mentioned that major PPGI manufacturers are expecting decline of around INR 1000/MT (USD 15) in coming month over weak demand.
A PPGI manufacturer based in Delhi commented that.”Domestic PPGI market sentiments are not encouraging these days since the prices are on correction mode as end users are not actively booking the fresh material in domestic market. In traders market prices have already observed a correction”.
This week domestic PPGI prices corrected by INR 500/MT in traders market.Currently PPGI (0.5mm, 90 GSM) is at INR 63,000-64,000/MT (ex-Mumbai, GST extra) and INR 65,000/MT (ex-Delhi, GST extra).
Meanwhile 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).
However In Delhi, major manufacturers’ PPGI prices are heard around INR 64,000-64,500/MT (ex-Delhi, GST extra).
Domestic GP Prices soften over subdued demand- Domestic GP (Galvanized Plain Coil) prices soften amid slow movement of material in domestic market.Thus domestic prices continued to remain under pressure over tedious demand.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 55,000-60,000 /MT (ex-Mumbai); INR 56,500-60,000/MT (ex-Hyderabad); INR 54,000/MT (ex-Delhi) and INR 54,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
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