Galvanized plain (GP) coil prices have reported increase of INR 1000-1500/MT this week in line with rising flat product prices in the domestic market. Higher production cost and rising global prices has compelled the Indian steelmakers to hike the GP prices in domestic market.
As per SteelMint assessment,reference prices of GP (120 GSM) 0.8mm for this week are hovering in the range of INR 54,000-55,000/MT (ex-Mumbai),INR 50,000/MT (ex-Chennai),INR 51,000/MT(ex-Delhi) and INR 50,000-55,000/MT( ex-Hyderabad).The prices mentioned above are basic excluding GST @ 18%.
A Mumbai based market participant shared “Demand is not that strong, prices have increased over hike in production cost. It is anticipated that prices may increase further in beginning of September”
Chinese HDGI export offers rose by USD 15-20/MT
Chinese HDGI export offers have reached to their peak levels and are again raised by USD 15/MT ,W-o-W basis on optimistic sentiments in domestic market.
Presently Chinese export offers for 1.0 mm,120g HDGI are assessed in the range of USD 635-640/MT,FoB China.However last week the prices was in range of USD 615-625/MT on FoB basis.
Major mills are offering in the range of USD 640/MT,FoB basis.Overseas buyers resist buying as prices and have adopted wait and watch mode as the prices remained on higher side
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