This week Indian HRC prices witnessed further uptrend in traders segment by INR 500-750/MT as market sentiments remained positive amid improved demand along with increase in trade activities in the domestic market. Prices in major markets have witnessed increase of around INR 500/MT W-o-W.
As per SteelMint’s price assessment current trade reference prices in traders segment for HRC (IS2062,2.5-8mm) is at INR 35,000-35,500/MT (Ex-Mumbai), INR 34,500-35,00/MT (ex-Delhi).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 39,000-40,000/MT (ex-Mumbai), INR 38,500- 39,000/MT (ex-Delhi).Prices mentioned above are basic and extra GST@ 18% will be applicable.
A trader based in Mumbai shared that,“Demand is fairly good as buyers have resumed restocking activities. Meanwhile amid positive market sentiment coupled with active buying may result to further uptrend in domestic HRC prices in the near term.’‘
Other market sources shared that,“Selling pressure has been reduced among traders and distributors amid absence of imports and increased buying which in turn resultant to uptick in HRC prices”.
Few of them still remain pessimistic about recovery in payment cycles as liquidity issue is another major factor which affect trades in the domestic market.
SteelMint learned from market sources that an eastern India based mill is undergoing maintenance shutdown at its blast furnace for one week starting from mid of this month. Owing to this, expected impact in finished steel production may be around 50,000-60,000 MT. This may keep domestic prices supported.
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