This week Indian HRC & CRC prices in traders market continued to move upside after the price hike announcement by major Indian steel manufacturers in the beginning of Feb’19.
Market participants reported increase in HRC & CRC prices by around INR 1000/MT in traders market this week.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 41,000-42,000/MT (ex-Mumbai) and INR 42,000/MT (ex-Delhi) and INR 43,000-44,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 46,500-47,000/MT (ex-Mumbai) and INR 47,300-48,000/MT (ex-Delhi) and INR 49,000-50,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
Last week also traders reported surge in HRC & CRC prices by INR 500-1000/MT in domestic market in anticipation of surge in prices by major steel mills
Indian mills raise HRC export offers – Amid hike in global HRC export offers after Chinese New Year holidays, Indian mills have also raised export offers. Current offers to Vietnam stand at around USD 525-530/MT, CFR Vietnam which was around USD 515/MT, CFR levels before Chinese holidays.
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