This week Indian HRC prices remained range-bound amid absence of significant trades and bearish sentiments. A trader based in Faridabad shared that “Prices are the same as last week but transactions are very low. People are not buying and have postponed purchases.”
— SteelMint’s current trade reference prices of HRC (2.5-8mm, IS2062) assessed at INR 38,000-38,500/MT (ex-Mumbai), INR 38,000-38,500/MT (ex-Delhi), and INR 39,000-40,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
— SteelMint’s assessment for trade reference prices of CRC (0.9mm, IS 513) stands at INR 44,000-45,000/MT (ex-Mumbai), INR 42,200-45,000/MT (ex-Delhi), and INR 44,500-46,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
— “Domestic flat steel prices are stable against last week. Labours have not yet returned after Holi festival, so expect some trades to pick up next week. Thus traders are trying to hold the prices but financing is a big issue. Also, the absence of discounts and rebates from major mills largely kept trade activities sluggish”, shared by prominent trade source based in Mumbai.
Indian HRC export offers to Vietnam fall: Indian HRC export offers to Vietnam are at USD 465-470/MT CFR basis slumped by USD 15/MT against previous offer which was at USD 480-485/MT CFR Vietnam. Offers went down owing to competitive offers from other major exporting nations.
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