Indian flat steel prices continues to remain firm in fourth week of month prior GST implementation, scheduled on 1st Jul’17. Market sentiments remain gloomy as traders/stockiests have been trying to liquidate stocks in last couple of weeks.
As per SteelMint’s assement, reference prices for HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 38,500-39,500/MT (ex-Mumbai),INR 38,500-38,800/MT (ex-Delhi) and INR 39,500/MT (ex-Chennai). Prices are inclusive of Excise duty of 12.5%, VAT/CST extra
As per SteelMint’s assement, reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 44,000-44,500/MT (ex-Mumbai),INR 43000-44,500/MT(ex-Delhi) and INR 45,000/MT(ex-Chennai).Prices are inclusive of Excise Duty of 12.5% VAT/CST extra.
Flat product prices remain largely unchanged in the backdrop of sluggish demand prevailing in the domestic market. Major Indian steel makers may take a while before announcing prices for next month after having clarity over GST.
Furthermore,arrival of monsoon season will also affect the domestic flat steel market in coming months.
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