Following announcement of 2nd price hike by major Indian steel mills, domestic HRC and CRC prices rose sharply in traders market.
This week domestic HRC & CRC prices increased by around INR 1500-2000/MT owing to active buying inquires. Also, few shared that tight supply continue to push prices in upward direction.
Meanwhile major Indian steel mills also announced another round of price hike in second week of Jan’20 by around INR 750-1000/MT on the back of limited supplies in the domestic market.
Current trade reference prices for HRC stands at INR 39,000-40,000/MT (ex-Mumbai), INR 38,500-39,000/MT (ex-Delhi), and INR 39,500-40,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 45,000-45,500/MT (ex-Mumbai), INR 42,500-44,000/MT (ex-Delhi), and INR 45,250-45500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Market sources shared that, improved trades and active inquiries prevails in domestic market. However, supply constraints continue to persist. Also, bullish sentiments and active trades can result to further uptrend in domestic prices.
With the increase in domestic prices major Indian steel manufacturers have continued to keep the HRC export offers on higher side which is around USD 535-540/MT CFR Vietnam basis.
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