Indian flat steel prices have fallen marginally up to INR 500/MT in few markets owing to sluggish demand amid slowdown of buying activities in the traders market.
In few regions Indian flat steel prices observe the marginal decline upto 500/MT this week in traders market.Bearish market sentiments has pushed the traders to sell the material at lower prices compared to that of manufacturers price.
Currently, trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,000-38,500/MT (ex-Mumbai), INR 38,300/MT (ex-Delhi) and INR 39,000-40,000MT (ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%.
As per SteelMint assessment current reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 43,000-43,500/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi) and INR 45,000-45,500/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
However, major Indian steel manufacturers continue to hold offers at previous levels and is higher by INR 1000-1500/MT than prevailing prices in traders market.
A trader based in Chennai quoted”Domestic flat steel prices is likely to fall in near term as the traders have already holding optimum stocks and are reluctant to pay higher prices amid weak demand”.
Apart from this, approaching festive holidays of Diwali are likely to keep trade activities on lower side and unaltered prices.
Domestic plate prices in India remain unchanged-Indian plate prices also remain unchanged this week owing to lean buying activity in the domestic market.
Currently reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 38,000/ MT (ex-Delhi) and INR 37,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
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