This week domestic flat steel market was filled with optimistic sentiments after the hike in Indian flat steel prices by major manufacturers by INR 500-1000/MT in the start of the month over higher raw material cost.
Market participants mentioned that trade activities remained active and demand has also shown slight improvement in domestic market.In few regions traders have increased the flat steel prices by INR 500/MT amid active buying.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 40,000/MT (ex-Chennai),INR 39,600 40,000/MT (ex-Mumbai) and INR 40,000-40,300/MT (ex-Delhi).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 44,500-45,000/MT (ex-Chennai) ,INR 43,500/MT (ex-Mumbai) and INR 43,500-45,000/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST @ 18%.
A trader based in Chennai commented that.” If demand shows any further improvement and purchasing sentiments will remain positive then prices are likely to move up next month”
Indian Plate Prices Moved Up-Indian mills have also increase the domestic plate prices in the beginning of the month Dec’17.Positive buying and bullish sentiments has resultant to uptrend in domestic plate prices.
Currently reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 39,500/ MT (ex-Delhi) and INR 38,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
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