In the context,of hike in flat product prices in the first week of Apr’17 up-to INR 1,500-2,000/MT,prices of GP have also seen increased despite dull demand spread in the domestic market. However Indian steelmakers have further raised the flat products prices as they are expecting for major shift of demand in the domestic market.
Prices of GP across other major markets are hovering in the range as follows: Hyderabad – INR 56,000/MT; Mumbai – INR 52,000/MT; Delhi – INR 54,500-55,000/MT and INR 52,500/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
Since the Indian flat steel market is facing from anemic demand,causing difficulty in acceptance of inflated prices in the domestic market.
China-HDG Prices Fall on Increased Inventory Pressure
Chinese export offers for HDG/Galvanised plain coil (1 mm) prices have dropped sharply by USD 10/MT W-o-W. Galvanised plain export offers have come down to their lowest level on account of excess inventories coupled with weak demand prevailing in the domestic market.
GP export offers which were heard in the range of USD 585-595/MT, FoB China. Whereas, last week the offers were assessed in the range of USD 595-600/MT, FoB China.
Market participant also mentioned that due to bearish sentiments prevailing in China’s domestic market,mills are expecting further fall of USD 20-30/MT in Chinese export offers in near term.
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