Domestic HRC prices continued witness upward momentum this week after major steel producers announce price hike by around INR 1000-1250/MT for Dec’19. Current trade reference price for HRC (2.5-8mm,IS2062) stands at INR 35,750-36,000/MT (ex-Mumbai), INR 35,000-35,200/MT (ex-Delhi), and INR 36,000-36,250/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Currently, domestic CRC (0.9mm, IS 513) trade reference prices on a weekly premise assessed at INR 40,000-41,000/MT (ex-Mumbai), INR 39,750-40,000/MT (ex-Delhi), and INR 39,750-40,500/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable
However trader’s had already raised offers by around INR 500/MT last week in anticipation of a surge in domestic flat steel prices & improved demand.
Few market sources highlighted that – “The market sentiments are improving over better demand and improve in inquiries, higher prices in global market and limited import bookings have kept domestic prices supported”
Meanwhile few stockists in Mumbai commented that,”Major exporting nations are offering HRC to India at anti dumping levels which is USD 489/MT CFR India.Thus imports are less viable considering the current domestic prices” .
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