Contrary to the price stability in other flat steel products; domestic Galvanized Plain Coil (GP) prices have witnessed an increase this week. Market participants shared that GP prices have strengthened by INR 2,000-2,500/MT W-o-W.
Trade sources highlighted that with solar sector projects in pipeline, demand for GP is presently strong. Price hike made in previous week has been absorbed by the market and another surge has been noticed in prices this week.
Prices of 0.80 mm GP across other major markets are hovering in the range as follows: Hyderabad – INR 59,000/MT; Mumbai – INR 53,000-54,000/MT; Delhi – INR 54,500-55,000/MT and INR 53,500-54,500/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
China’s HDG Export Offers Dip Over Bearish Market Sentiments
China’s 1mm,120g HDG export offers dropped by USD 10-15/MT W-o-W owing to bearish market sentiments spread in the Chinese domestic market. Sluggish demand coupled with inventory pressures leads to further fall in Chinese HDG export prices.
Export offers of HDG are falling since three consecutive weeks and are hovering in the range of USD 570-580/MT, FoB China. Last week the same was heard in the range of USD 585-590/MT on FoB basis.
As per sources, Chinese mills are also offering rebates of USD 10/MT to overseas buyers. However weak buying activities and dull demand from overseas buyers can further pressurize the Chinese HDG export prices to lowest levels.
Leave a Reply