This week domestic HRC prices continue to remain stable in major markets like Delhi and Mumbai region although prices witnessed decline by upto INR 500/MT in other regions owing to tepid demand and thin trades post Dusshera holidays.
Consumers have put their purchase activities on hold as they are reluctant to book any high volumes transactions in anticipation of further downside in prices.
As per SteelMint price assessment current trade reference prices in traders segment for HRC (IS2062,2.5-8mm) is at INR 34,500-35,000/MT (Ex-Mumbai),INR 34,500-35,000/MT (ex-Delhi) and INR 35,500-36,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently domestic CRC (0.9mm, IS 513) trade reference prices on weekly basis are hovering around INR 39,500-40,000/MT (ex-Mumbai),INR 38,800-40,000/MT (ex-Delhi) and INR 39,000-41,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
A trade source based in Mumbai shared that,” Surprisingly domestic HRC prices remained stable and prices have not shown any downtrend since last few days in Mumbai region.Thus market sentiments may pick up with improvement in buying activities post festive season”.
Few other sources in southern India shared that, “ We are expecting domestic HRC prices to remain stable at these levels owing to Diwali holidays scheduled by the end of this month “.
Also in the beginning of this month Indian steel mills announced roll over in domestic HRC, CRC prices for Oct’19.However mills are trying to provide price support to escalate sales in domestic market.
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