Domestic HRC prices continued to remain steady amid low demand and dull buying in domestic market.Limited bookings and low sales volumes has kept flat steel prices under pressure in domestic market.
Currently trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed at INR 45,500-46,000/MT (ex-Mumbai),INR 46,000/MT(ex-Delhi), INR 47,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Market sentiments in CRC were also reported dull and traders in few regions have reduced the prices by INR 500/MT .
However domestic CRC prices in few major regions have observed slight decline. Currently trade reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 51,500/MT (ex-Mumbai),INR 53,000/MT (ex-Delhi) and INR 52,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
A market participant based in Chennai mentioned that,”Movement of material is very slow in domestic market.Traders have started providing rebates and discounts amid weak trades in domestic market.”
Few trade sources also commented that arrival of early monsoon has lead to subdued demand in domestic market.Buyers are also reluctant to purchase the material and are waiting for prices to decline in domestic market.
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