One of India’s major steelmakers has announced a price cut in Galvanised Plain coil (GP) today by INR 500/MT, W-o-W owing to sluggish demand and arrival of monsoon season in the domestic market.Besides this, weak buying activities on account of GST implementation is also likely to affect the GP market in India.
Currently,prices of 0.80 mm GP across other major markets are hovering in the range as follows: Mumbai – INR 53,500-54,000/MT; Delhi – INR 52,000/MT, INR 52,000/MT in Chennai and INR 53,000/MT in Hyderabad. Prices are inclusive of Excise Duty of 12.5%; VAT/CST extra.
However as per market sources HDGI export offers from India are hovering in the range of USD 660-670/MT FoB India.Although,buying activities has picked up slightly in Indian export market after rise in Chinese steel prices.
A trader based in Hyderabad also quoted”Limited buying activities resulting to drastic fall in sales volume and GP prices since the demand for GP continues to remain inactive in the domestic market.”
China-HDG Export offers Unchanged Post Dragon Boat Festival
Chinese mills have kept the HDG export offers unchanged as the market sentiments remained dull owing to Dragon Boat festival in the start of this week.Prices remain unaltered as the Chinese steelmakers have started returning back and will soon resume to their work
Currently China’s 1mm HDG export offers are hovering in the range of USD 545-550/MT, FoB China. Last week the same was heard in the range of USD 530-535/MT on FoB basis.
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