Thin buying interest from overseas buyers has resulted in price decline of Chinese coated steel prices.
Chinese export offers for HDG/Galvanised plain coil (1 mm) prices has come down by USD 15/MT W-o-W. Offers which were seen at USD 640/MT, FoB China last week have come down to level of USD 620-625/MT, FoB China.
Although prices have come down, inquiries from buyers remain limited. Limited quantity trade deals were reported at the level of USD 620-625/MT, FoB China.
Domestic GP Prices in India remain stable – In week 12, 2017 GP prices in India’s domestic market continues to remain stable on weekly basis.
Currently GP (0.8mm,120GSM) are heard to be in the range of INR 42,000-43,000/MT(ex-Mill).Prices exclusive of Excise duty 12.5%.
Prices of GP across other major markets are hovering in the range as follows: Hyderabad – INR 51,000/MT; Mumbai – INR 50,000-51,000/MT; Delhi – INR 51,500-52,000/MT and INR 50,500/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
Trade sources reported that Indian steel makers are likely to raise flat steel prices by about INR 500-1,000/MT towards month end or early Apr’17. This may lift the GP prices in the near term.
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