This week domestic HRC prices remain range-bound in major markets of India. However, the trade segment reported that sales volumes were reported weak this week against last week.
Current trade reference price for HRC (2.5-8mm, IS2062) continues to hover at INR 35,500-36,000/MT (ex-Mumbai), INR 35,500-36,000/MT (ex-Delhi), and INR 36,000-36,250/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable. However, prices reported an increase in the Delhi region this week over improved sentiments in northern India.
Currently, domestic CRC (0.9mm, IS 513) trade reference prices on a weekly premise assessed at INR 40,000-41,000/MT (ex-Mumbai), INR 40,000-41,500/MT (ex-Delhi), and INR 40,000-40,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Meanwhile, few market sources shared that major steel mills are aiming for higher steel prices in Jan’20 in anticipation of better demand.
Uptrend in domestic HRC prices influences higher export offers- The surge in domestic HRC prices by major mills in the first week of Dec’19 by INR 1000-1200/MT led to an increase in the nation’s HRC export offers to Vietnam for Jan deliveries.
The current HRC export offer is hovering around USD 480-485/MT CFR Vietnam, which was USD 470-475/MT CFR basis last week.
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