Domestic HRC market in India has witnessed limited trade activities this week and price correction in few markets by INR 500/MT.
This week Indian flat steel prices continued to show lackluster demand and limited trades happening in domestic market. Also cost effective imports has dragged down HRC prices in domestic market.
This week current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 40,000/MT (ex-Mumbai) and INR 40,500-41,000 /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 45,500/MT (ex-Mumbai) and INR 45,000-47,000/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
As per the data maintained with SteelMint, HRC prices in Mumbai have crossed 1-year low mark as similar price levels were seen in Dec’17.
In the month January,Indian based stockists have booked huge volumes of imported HRC from South Korea,Iran and Ukraine for Feb shipments which is cheaper compared to domestic prices.Thus this may keep domestic HRC prices under pressure in coming month.
Major Indian mills are likely to announce prices for February deliveries shortly. Thus end users in domestic market have halted buying and are waiting for the price announcement for the upcoming month.
Indian steel manufacturers had rolled over flat steel prices in Jan’19 however mills have offered discounts and rebates in domestic market to escalate buying.
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