India: Domestic HRC Prices Remain Steady Over Fewer Trades

This week domestic HRC prices remain largely stable in the domestic market over limited buying.

As per SteelMint’s price assessment current trade reference prices in traders segment for HRC (IS2062,2.5-8mm) is at INR 34,000-35,000/MT (Ex-Mumbai), INR 34,000-34,500/MT (ex-Delhi) and INR 35,000-36,000/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 a weekly basis are hovering around INR 39,200-39,500/MT (ex-Mumbai), INR 37,800- 39,000/MT (ex-Delhi) and INR 38,000-39,500/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.

Trades continue to remain slow amid bearish sentiments in the domestic market. However, they remain hopeful of a slight improvement in demand post Diwali holidays.

However, easing-off higher inventories in form of exports may fuel optimism and lift domestic HRC prices in the upcoming month.