This week major steel manufacturers have increased domestic PPGI prices by INR 1000-2000/MT in line with hike in other domestic flat steel prices for the month of September.
Improved demand, costlier imports and hike in raw material prices resulted to surge in PPGI prices in domestic market.
JSW Steel has increased PPGI (0.5mm, 90 GSM) prices by INR 1,400/MT which is hovering around INR 70,000/MT (ex-Mumbai, GST extra). Meanwhile Essar Steel has increased PPGI (0.5mm, 90 GSM) prices by INR 2000/MT and price assessment is heard at INR 65,000/MT (ex-Mumbai, GST extra).
However in Delhi, other major manufacturer is offering PPGI prices around INR 64,500-65,000/MT (ex-Delhi, GST extra).
Manufacturers and traders have surge domestic PPGI prices in anticipation of improved demand in near term. Arrival of festive season will increase bookings of automobiles and white goods in coming months. Also with Indian currency depreciating to record low to 72 against USD has made imports costlier. This resulted to surge in domestic PPGI prices in near term.
Galvanized Plain Coil prices move up in domestic market – Major Indian steelmakers have surged GP (Galvanized plain coil) prices by INR 1,000-1,250/MT for the month of September.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 55,250-58,500/MT (ex-Mumbai), INR 54,000-55,000/MT (ex-Delhi), INR 55,500-58,500/MT (ex-Hyderabad).The prices mentioned above are basic prices excluding GST@18%.
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