India’s Domestic HRC/CRC prices in traders market have witnessed sharp hike of around INR 1000-1500/MT W-o-W over anticipation of price hike in next month coupled with improved buying sentiments.
However on the other side, there is no major revision in flat steel prices from manufacturers side this week and they are expected to hike prices upto INR 1500/MT for Jan’18 amid increased raw material cost and prevailing optimistic sentiments. The price announcement for the same is expected to be done in the upcoming days.
Presently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 40,800-42,000/MT (ex-Mumbai), INR 42,000-42,500/MT (ex-Delhi),INR 41,000-41,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
As per SteelMint assessment current reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 44,500-45,000/MT (ex-Mumbai) INR 45,000-45,500/MT (ex-Delhi) and INR 46,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Market participants in southern & western India reported material shortage and improved demand have collectively resulted in price hike.
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