Indian flat steel market opened with stable offers this week in manufacturer’s market owing to sluggish demand in the flat steel market. Domestic price continues to remain firm after the recent hike made in first week of January 2017.
As per market sources, flat steel prices in traders market declined by INR 500-700/MT W-o-W. Traders have reported that rise in prices have resulted to higher inventories and poor sales volume due to dull demand in the domestic market.
However, higher raw material cost has led to rise in flat steel prices. In Jan’17, NMDC have raised iron ore prices by INR 125-140/MT. Whereas Odisha miners have also raised the iron ore prices upto INR 300/MT. Coking coal (Premium HCC, Australian origin) prices came down from the peak level and are hovering in the range of USD 197/MT,CNF India.
On the contrary, demand is not improving with the rise in prices. Buying activities remain lean this week as the hike in prices have not been accepted in the market.
Current prices of HRC are assessed in the range of INR 44,500-45,000/MT (ex-Mumbai ), INR 43,600-45,000 (ex-Delhi) .Prices are inclusive of Excise Duty of 12.5%.
Current prices of CRC are registered in the range of INR 48,300-49,000/MT (ex-Mumbai), INR 49,000 – 49,750/MT (ex-Delhi). Prices are inclusive of Excise Duty of 12.5%.
Prices of GP/GC are heard to be in the range of INR 54,300-55,000/MT (ex-Mumbai) and INR 54,750-55,500/MT (ex-Delhi).Prices inclusive of excise duty 12.5%.
Despite sluggish and poor demand in the domestic flat steel market, SteelMint has heard that Indian steel biggies are planning to raise the flat steel prices by INR 1,500-2,000/MT in the first week of Feb’17.
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