This week India’s domestic HRC prices witnessed marginal decline in traders market amid subdued demand and slow movement of material in traders market.This led to decline in HRC prices by INR 500/MT in major markets. Although CRC prices continued to remain strong in fewer regions.
Earlier this month, Indian steel manufacturers have announced price hike in flat steel market for May deliveries by INR 800-1000/MT. After this, hike in flat steel prices have passed on its effect to traders market the following week.
”Demand is very low and buying inquiries have also moved down compared to last week. We have decreased prices by INR 500/MT ”, shared a Faridabad based trader.
Although,this week traders reported limited activities and mentioned that they are unable to absorb the price hike in the domestic market. However market participants in eastern India (Kolkata) reported stable prices amid less material availability.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 46,000-46,500/MT (ex-Mumbai), INR 46,000/MT(ex-Delhi), INR 46,000-46,500/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 50,500-51,500/MT (ex-Mumbai),INR 53,000/MT (ex-Delhi) and INR 50,500-51,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Leave a Reply