Major Indian steel manufacturers have increased domestic flat product prices for Aug’17 bookings over better realizations of exports following rise in global offers.
According to market sources, major Indian steel makers have raised the flat steel prices by INR 500-1000/MT owing to good realizations of sales in overseas market.Besides this,increased purchases, post GST regime in local market has compelled the manufactures to raise the flat product prices in domestic market.
However,on weekly basis prices remain unchanged .As per SteelMint assessment,current 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%.
As per SteelMint assessment current reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 39,000-40,000/MT (ex-Mumbai),INR 39,000-41,000/MT (ex-Delhi) and INR 40,000-40,500/MT(ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%
Indian HRC export offers likely to move up further-Besides this,Indian export offers are likely to increase further in the wake of strong buying interest experienced in the global market. Major Indian steel players are also banking up on exports on soaring Chinese flat steel prices. Indian HRC export offers are presently heard around USD 505-510/MT, FoB which is expected to increase to USD 520-525/MT, FoB in the coming days.
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