Domestic flat steel prices have declined further by INR 500-1500/MT W-o-W basis in traders market amid slowdown of buying activities ahead of Dussehra holidays approaching. Although manufacturers continue to keep offers unchanged.
Nation has again witnessed decline in flat steel prices in few major market by INR 500-1500/MT W-o-W in traders market owing to dull demand prevailing in the domestic market amid monsoons and upcoming festive holidays.However major steel manufacturers have kept the domestic flat steel prices unaltered.
Currently, reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,500-39,000 /MT (ex-Mumbai), INR 38,500/MT (ex-Delhi) and INR 40,500/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 43,000/MT (ex-Mumbai), INR 45,000/MT (ex-Delhi) and INR 44,500/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
A trader based in Kolkata commented”Due to dull and subdued demand, traders are ready to sell their stocks at lower prices. Also approaching holidays are another concern for flat steel sales.”
Few trade sources shared that heavy rains in few regions has also lead to dull buying and resulted in fall in flat steel prices in domestic market.
If trade sources are to be believed there are less chances of further revision in prices in remaining days of the month.
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