Indian Flat steel market is anticipated to undergo further rise in prices in the month of April by INR 1,000-2,000/MT as the domestic market faces shortage of inventories over increased exports.
Major Indian Flat Steel Makers have raised prices by INR 500-1000/MT in last week,however increased prices are yet to be passed on to the traders’ market.
Currently prices of HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 40,500-41,000/MT (ex-Mumbai), INR 40,000-40,500/MT (ex-Delhi) and INR 40,500/MT (ex-Chennai). Prices are inclusive of Excise duty 12.5%.
Currently CRC (IS513) 0.9mm is hovering in the range of INR 46,000-46,500/MT (ex-Mumbai),INR 46,500-47,500/MT (ex-Delhi) and INR 46,000-47,000 /MT(ex-Chennai).Prices are inclusive of Excise duty 12.5%.
As per sources Indian steel-makers have booked heavy quantities to export in Feb & Mar’17. India’s giant steel producer – JSW Steel has a booking of around 1.2 MnT finished steel for export in Mar’17.
This has led to demand-supply mismatch in the domestic market. Supply crunch in the home market is giving enough room to Indian manufacturers to increase the flat steel prices in the domestic market.
Moreover,Indian manufacturers are planning to pass on the inflated cost to end users segment owing to rise in raw materiel prices.However traders in the domestic market have not shown any conformity of prices rise in near term.
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