The most awaited Goods and services tax (GST) policy is rolled out and has triggered the Indian steelmakers to raise the flat steel prices in the domestic market. GP prices have also shown the surge of 1,000-1,200/MT.
As per SteelMint assessment,reference prices (basic) for GP (120 GSM) 0.8mm are assessed in the range of INR 47,000-50,500/MT (ex-Mumbai),INR 48,000/MT (ex-Delhi) , INR 46,000/MT (ex-Chennai) and INR 47,000-51,000/MT (ex-Hyderabad). The prices mentioned above are basic prices excluding GST @ 18%.
A traders based in Delhi quoted “Stockiest and traders are busy purchasing fresh inventories which leads to rise in GP prices in the domestic market”.
Indian HDGI Export Offers Remain Stable
HDGI export offers remain consistent this week and are hovering in the range of USD 650/MT,FoB India. Last week HDGI export offers was on similar levels.
Chinese HDGI Export offers surge over Domestic Gains
Chinese mills have once again rose the HDGI export offers by USD 20/MT in the third consecutive week on account of strengthening domestic market.Positive market sentiments has motivated the Chinese manufacturers to raise the domestic prices which led to continuous rise in HDGI export offers from China.
Currently China’s 1mm HDGI export offers are hovering in the range of USD 575-585/MT, FoB China. Last week the same was heard in the range of USD 555-565/MT on FoB basis.
Major mills in China are offering HDGI in the range of USD 600/MT on FoB basis.Some deals in small quantities have been concluded with Pakistan in the range of USD 575/MT and to South East Asia in the range of USD 585/MT on FoB basis.
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