Indian flat steel market remains static on account of stable demand in the domestic market. Prices of flat product remain under pressure due to festive season of Holi approaching next week.
However, as per SteelMint sources, few trade participants anticipate prices to move up in west India (primarily in Mumbai region) in the near term.
Currently HRC (IS2062) 2.5mm-8mm is assessed in the range of INR 40,500-41,000/MT (ex-Mumbai), and INR 40,500/MT (ex-Chennai).Prices are inclusive of Excise duty 12.5%
Currently CRC (IS513) 0.9mm is hovering in the range of INR 46,000-46,500/MT (ex-Mumbai) and INR 46,000-47,000 /MT(ex-Chennai).Prices are inclusive of Excise duty 12.5%.
Market participants mentioned that steel makers may marginally raise offers in the coming days over lesser material availability in domestic market. As per market sources nearly 5 lakh tonne of HRC export orders have been booked in the month of Feb’17 which may lead to material shortage in domestic market.
Hence, due to above mentioned reasons, domestic prices Indian steel makers may raise offers by INR 500-1000/MT in the mid of Mar’17.
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