In line with hike in other flat steel product prices, GP prices in India have also increased by INR 500-1,000/MT. Indian manufacturers have announced the price hike this week and its effect can also be seen in the traders market. Market participants are expecting another price hike of about INR 1,500-2,000/MT in next couple of days.
Prices of GP across other major markets are hovering in the range as follows: Hyderabad – INR 55,000/MT; Mumbai – INR 50,000-51,000/MT; Delhi – INR 52,500-53,000/MT and INR 51,500/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
Although, Indian steel makers have raised the flat products prices in the backdrop of supply crunch in the home market. Therefore this may leads to acceptance of price hike in the Indian flat steel market. However demand still remains on the weaker side.
Chinese GP Prices Drop this week over sluggish demand
Chinese export offers for HDG/Galvanised plain coil (1 mm) prices have dropped sharply by USD 20/MT W-o-W. Galvanised plain export offers have come down to their lowest level due to huge losses in the domestic market.
GP export offers which were heard in the range of USD 595-600/MT, FoB China. Whereas, last week the offers were assessed in the range of USD 620-640/MT, FoB China.
GP export offers shrink further at the faster pace owing to passive sentiments prevailing in the domestic market.As the Chinese mill have to bear sales pressure also which pushed them to negotiate and accept lower bids from overseas buyers.
However,no major deals have been concluded yet as the buyers are waiting for further decline in export offers.
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