Indian flat product prices decline this week by INR 500/MT,owing to dull and slow demand spread in the domestic market. Indian steelmakers have become distressed over falling flat product prices and lower sales volumes in the domestic market.
Currently HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 39,000/MT (ex-Mumbai), INR 39,500-40,000/MT (ex-Delhi) and INR 39,800-40,000/MT (ex-Chennai). Prices are inclusive of Excise duty of 12.5%.
Currently CRC (IS513) 0.9mm is hovering in the range of INR 45,000-45,500/MT (ex-Mumbai), and INR 45,500/MT(ex-Chennai).Prices are inclusive of Excise Duty of 12.5%.
A trader based in Mumbai mentioned that “Indian flat product prices are likely to fall further by INR 500-1,000/MT owing to thin buying activities in the domestic market.”
Indian HRC/CRC prices drop to six month low-
However,domestic flat product prices have retreated back to Nov-Dec’16 levels.This shows that demand in the domestic market has not shown any improvement leading to drastic fall in flat products prices.
Indian Steel makers had raised prices by INR 1,500-2,000/MT in Dec’16 and by INR 3,000/MT in Jan’17. After this next price hike was seen in the month of Apr by INR 2,000/MT. Later prices fell in traders market over dull trades.
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