This week domestic HRC prices continued to fall further by around INR 300-500/MT in the traders market as the steel markets remain affected due to lock-down announced by Indian government from 23rd Mar’20. Only 20-25% of trades happening in domestic, shared by a trader in Mumbai region.
SteelMint’s current assessment for HRC (IS 2062, 2.5 – 8mm) for trade segment stands at INR 36,000-36,500/MT (ex- Mumbai), INR 36,250-36,500/MT (ex-Delhi), and INR 37,500- 38,000/MT (ex- Chennai).
Currently CRC (0.9 mm IS513 GR) prices are assessed at INR 41,500-43,000/MT (ex- Mumbai), INR 41,500-43,500/MT (ex- Chennai) and INR 40,250- 41500/MT (ex-Delhi). The prices mentioned above are basic, and extra GST @18% is applicable.
Market participants shared with SteelMint that, “After 8th of June trade activities may improve to 30-35%. Also we are hopeful of getting rebates from mills in order to escalate buying in the domestic market.”
A Faridabad based stockist, who wished not to be named mentioned that an Indian mill has given a rebate of around INR 2,000/MT for the last month’s purchase.
On the other hand, Indian steel manufacturers are yet to announce prices for June’20.
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