This week Indian HRC, CRC prices continue to remain stable in the backdrop of upcoming festive season along with thin trades prevailing in domestic market. Trade participants shared limited trade volumes and tedious demand in domestic market.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 47,500/MT (ex-Mumbai), INR 47,500-48,000/MT (ex-Delhi) and INR 47,500/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 53,500/MT (ex-Mumbai), INR 53,000 – 54,500/MT (ex-Delhi) and INR 53,500-54,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
Market participants shared that,”Buying activity remain thin over dull trades.Also arrival of festive holidays will keep sales volume on lower side.Thus end users are reluctant to purchase material at higher prices”.
Trade sources in eastern region shared that, market is closed from today on the occasion of Navratri and Dusshera and will resume from next week.
In the beginning of the month HRC & CRC prices touch all time high post announcement by major steel manufacturers to increase prices INR 1000-1500/MT amid devaluation of rupee over costlier imports along with higher production cost.
Absence of HRC export offers from India – Recently market sources shared that,Indian manufacturers are currently focusing in domestic market and have not booked much quantities for exports to overseas nations. Last offers are heard to be at USD 570/MT CFR Vietnam.
Leave a Reply