This week domestic HRC prices in India fell further by around INR 500-750/MT (USD 7-11) against last week. On the back of pessimistic demand prevailing in domestic market, limited trades, falling automobile sales, prices have shown downside.
SteelMint price assessment for HRC (IS2062,2.5-8mm) is currently at INR 39,000-39,500/MT (Ex-Mumbai) which is around 1.5 years low and similar levels were last heard in Dec’17.
Price assessments in other regions are at INR 39,000/MT (ex-Delhi) and INR 40,000-41,000/MT (ex-Chennai).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm, IS 513) trade reference prices is around INR 44,000/MT(ex-Mumbai), INR 42,500-44,500/MT (ex-Delhi) and INR 44,500-45,500/MT(ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Arrival of monsoon season affects demand as construction activities came to halt.
Auto sales slow down – As per the SIAM report, India’s passenger vehicles sales slumped 17.54% to 2.25 lakh units in June from 2.7 lakh units in the year-ago period. For the quarter ended June 30, 2019, vehicle sales across all categories declined by 12.35% to 60.85 lakh units from 69.42 lakh units.Earlier, on June 5, the country’s largest car maker Maruti Suzuki India (MSI) announced cut in vehicle production for the fifth consecutive month in June, on surging inventories.
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