This week domestic PPGI (Pre-painted Galvanized Iron) witnessed an increase of INR 500-750/MT W-o-W as the buyers are actively restocking the material in anticipation of a further increase in prices in the upcoming month.
Also, a slight improvement in demand from the automobile sector kept the prices supported in the domestic market.
Current PPGI trade reference prices stand at INR 55,500-56,500/MT (ex-Mumbai) and INR 56,000-58,500/MT (ex-Delhi). The prices mentioned above are basic, and GST extra @18% is applicable.
Meanwhile, galvanized coil prices surged by INR 1,000-1,500/MT on a weekly premise.
Current trade reference prices for Galvanized plain coil (0.7- 0.8 mm, 120 GSM) is at INR 49,250-49,500/MT (ex-Mumbai), INR 49,000-49,500/MT (ex-Delhi), 50,500-51,500/MT (ex-Chennai), and 50,000-51,000 (ex-Hyderabad). The prices mentioned above are basic, and GST extra @18% is applicable.
A trader based in the Delhi region commented that “Buying activities have remained decent. However, the arrival of material is slow owing to tight supply in the market.”
Also, steel mills shared that PPGI prices may increase sharply in the month of Feb’20 over strong market sentiments and increased trade inquiries in the domestic market.
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