This week domestic flat steel market is consumed with bearish sentiments as the prices of flat products in the traders market fell by INR 500-1000/MT. Indian Flat steel market started weaken owing to slack demand prevailing in the domestic market.
High inventory levels coupled with sluggish demand leading to decline in prices. Hence, traders in the domestic market have decided to cut down the prices by INR 500-1000/MT in order to increase the sales volume.
Current prices of HRC are assessed in the range of INR 42,500-43,000/MT (ex-Mumbai), INR 42,000-42.500 (ex-Delhi).Prices are inclusive of Excise Duty of 12.5%.
Current prices of CRC are registered in the range of INR 47,500-48,000/MT (ex-Mumbai), INR 47,000 – 47,500/MT (ex-Delhi). Prices are inclusive of Excise Duty of 12.5%.
Prices of GP/GC are heard to be in the range of INR 53,500-54,000/MT (ex-Mumbai) and INR 53,000-53,500/MT (ex-Delhi).Prices inclusive of excise duty 12.5.
However, after the withdrawal of MIP manufacturers and traders are waiting for the final imposition of anti dumping duty on flat steel commodities. Although manufacturers have also decided to roll over the prices since there was no major shift in demand and are anticipating that prices may drop in the near term.
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