Indian flat steel market continued to remain stagnant this week over slow demand in the domestic market. As the demand is not showing any major shift in comparison to rise in flat products prices leading to bearish sentiments in the domestic market.
Currently prices of HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 41,500-42,000/MT (ex-Mumbai), INR 41,500/MT (ex-Delhi) and INR 42,000-42,500/MT (ex-Chennai). Prices are inclusive of Excise duty of 12.5%.
Currently CRC (IS513) 0.9mm is hovering in the range of INR 48,000/MT (ex-Mumbai),INR 48,250/MT (ex-Delhi) and INR 48,500 /MT(ex-Chennai).Prices are inclusive of Excise Duty of 12.5%.
According to market sources flat products prices will remain stable or it can be corrected in near term. Since hike in prices by Indian steelmakers has not yet accepted owing to dwindling demand in the domestic market.
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