Domestic Galvanized plain (GP) coil prices in India remain majorly stable this week. Sluggish demand and lesser bookings has resulted to reduction of GP prices in traders market.
As per SteelMint assessment, reference prices of GP (120 GSM) 0.8mm for this week are hovering in the range of INR 51,000-53,500/MT (ex-Mumbai), INR 53,000/MT (ex-Chennai),INR 50,500/MT(ex-Delhi) and INR 51,000-55,000/MT( ex-Hyderabad). The prices mentioned above are basic excluding GST @ 18%.
Moreover Diwali holidays is approaching in the mid of this month which may result in weaker market sentiments and falling of GP prices in domestic market.
Absence of HDGI export offers from India – Market participants mentioned that Indian steel mills have resisted from quoting offers for HDGI export. No firm offers were heard for HDGI (SGCC dx 51a) as of now from India. However last export offers for the same heard at USD 750/MT, FoB India.
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