This week the domestic HRC prices softened by around INR 250-700/MT in trade segment amid higher stocks in hand and sluggish buying.
Thus, the current trade reference prices for HRC stands at INR 39,000- 39,500/MT (ex-Mumbai), INR 38,750-39,000/MT (ex-Delhi), and INR 39,750 – 40,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
The current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 45,000-46,000/MT (ex-Mumbai), INR 43,250- 44,500/MT (ex-Delhi), and INR 45,500-46,000/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Trade sources based in Mumbai shared that “Demand continues to remain lackluster in the domestic market, which, in turn, trimmed the profit margins of stockists. Also, the recent price hike made in the month of Feb’20 was difficult to absorb since demand didn’t pick up in the domestic market.”
Few traders in northern India shared that low sales amid limited inquiries have resulted in increasing stocks this week.
Earlier in the month, major Indian steel mills had announced a hike of around INR 1500-2000/MT for Feb’20.
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