Post GST implementation, few major steel manufacturers have recently announced increase in flat steel prices up to INR 1,000/MT.
Indian steelmakers raised flat steel prices by INR 1000/MT after the new taxation policy GST (goods and services tax) came into regime.Market participants mentioned that buying inquiries have started picking up in the domestic market for Jul’17 bookings. Trade sources shared owing to replenishment of stocks by traders have resulted in improved buying activities.
As per SteelMint assessment,reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 35,500/MT (ex-Mumbai),INR 35,000-35,500/MT (ex-Delhi) and INR 35,200/MT (ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%.
SteelMint assessment of reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 39,000/MT (ex-Mumbai),INR 39,500-41,000/MT (ex-Delhi) and INR 38,400-39,000/MT(ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%
A trader based in Ahmedabad quoted that”Indian flat steel prices have shown the upward momentum this week owing to anticipation of positive demand in the domestic market”.
Major Indian steelmakers have sold around 2.5-3 lakh metric tonnes of HRC for export towards the end of June’17.It seems that rising demand in global market has supported domestic prices as well. Indian exporters have further raised HRC export offers this week by USD 10-15/MT W-o-W following the trend in Chinese HRC export offers.
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