After the recent hike made by Indian manufacturers by INR 3000/MT last week in domestic flat steel products, prices remain stable this week.
Major steel players have raised flat products prices owing to increased cost of raw materials.Therefore,higher production cost has compelled the manufacturers to increase the prices as the escalated cost is passed on to the consumers.
Current offers of HRC 2.5 mm (IS 2062) are assessed in the range of INR 41,000-41,500(ex-Mumbai), INR 41,500-41,700 (ex-Delhi),INR 41,500-42,000 (ex-Chennai). Prices inclusive of excise duty 12.5%.
Current offers of CRC 0.9mm are registered in the range of INR 46,000-46,500(ex-Mumbai),INR 48,000-48.500 (ex-Delhi),and INR 46,000-46,500 (ex-Chennai). Prices inclusive of excise Duty of 12.5%.
In case of demand for steel products it remains moderate and the price hike in flat products is absorbed by the market.According to the market sources, positive sentiments may continue to prevail in the market,which may lead to further rise in prices.
As the Nov-Dec time period is usually considered to be the peak season for the steel industry.But the effect of demonetization has caused liquidity crunch and badly affected the market.Despite this,manufacturers have raised the prices and its effect can be seen in the market.
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