Galvanised plain (GP) coil prices shown the upward trend in the first week of Aug’17 by INR 1000-1500/MT over increased buying inquiries in the domestic market.
Market participants highlighted that major Indian steel mills have reported the hike in GP prices in Aug’17 since the demand has started to revive in the domestic market.However scarcity of material in few southern India markets have also pushed GP prices in the local market.
As per SteelMint assessment,reference prices of GP (120 GSM) 0.8mm for this week are hovering in the range of INR 51,750/MT (ex-Mumbai),INR 48,500/MT (ex-Chennai),INR 48,500/MT(ex-Delhi) and INR 50,000-53,000/MT( ex-Hyderabad).The prices mentioned above are basic excluding GST @ 18%.
Chinese HDGI Export Offers Rise Marginally Amid domestic gains
After the steady prices heard last week, this week Chinese mills have increased the HDGI export offers this week by USD 5/MT owing to strong market sentiments in the domestic market.
Presently HDGI export offers 1.0 mm,120g are assessed in the range of USD 600-610/MT,FoB China.However last week the prices was in range of USD 595-605/MT on FoB basis.
Major mills are offering HDGI in the range of USD 620/MT,FoB basis and are providing the scope for bargaining for overseas buyers.
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