In the beginning of the month Indian steel manufacturers have announced price hike in flat steel market for May deliveries by INR 800-1000/MT. Following this, hike in flat steel prices have passed on its effect to traders market this week.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 46,000-47,000/MT (ex-Mumbai), INR 46,500/MT(ex-Delhi),INR 46,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Trade reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 51,500/MT (ex-Mumbai),INR 52,500/MT (ex-Delhi) and INR 51,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Market participants mentioned that after price hike, market is experiencing a little pressure and traders remained less active in booking material. Traders in regions like Faridabad, Ahmedabad and Hyderabad reported slow demand compared to regions like Mumbai and Kolkata.
However supply issues continue to persist. Lower export orders and limited booking for HRC imports have kept demand-supply balanced in domestic market.
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