This week domestic HRC & CRC prices witness decline in traders market post price cut by INR 1500/MT by major Indian steel manufacturers in the beginning of the month for December deliveries.Meanwhile govt owned SAIL has roll over flat steel prices for the month of December.However it is expected that they might offer discounts
Amid thin trades and lackluster demand combined with competitive HRC imports to India from major exporting nations resulted in correction of HRC prices in domestic market.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 44,500/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 50,000-51,000/MT(ex-Mumbai),INR 51,500/MT (ex-Delhi) and INR 52,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
”Domestic HRC prices may correct further over sluggish buying in traders market”commented by traders based in Northern region of India.
Another trader based in Mumbai commented that,”Liquidity issue and decline in sales volumes resulted in bearish sentiments in the traders market “
Further market sources commented that,rebates and discounts are also given to escalate buying.Meanwhile buyers are cautious as they expect further downside amid cost effective imports from Japan and Korea.
Plate prices witness decline in traders market – Plate prices in domestic market also witness downtrend over weak buying.Currently trade reference plate prices (5-10 mm IS2062) stood around INR 45,000-45,250/MT (Ex-Mumbai) and INR 45,000 (ex-Delhi).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
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