Indian GP prices remained stationary this week owing to softening of demand in the domestic market. Moreover, other flat products prices also remained stable this week affecting GP prices in Indian flat steel market.
Prices of 0.80 mm GP across other major markets are hovering in the range as follows: Hyderabad – INR 58,500/MT; Mumbai – INR 55,000-56,000/MT; Delhi – INR 55,000-56,000/MT and INR 56,500-57,000/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
”Traders are expecting rebates or discounts in the coming weeks due to lull demand in the domestic market. Prices of GP may fall as no further material movement is taking place in the domestic market.” shared a trader based in Hyderabad.
Chinese HDG Export Offers Slashed By USD 50/MT
Chinese HDG export prices have seen a drastic fall by USD 50/MT owing to sluggish demand in the domestic as well as global market. Furthermore, Chinese mills are also facing financial issues and further fall in prices is badly hurting their profit margins.
Export offers of HDG are falling since fourth consecutive weeks and are hovering in the range of USD 520-530/MT, FoB China. Last week the same was heard in the range of USD 570-580/MT on FoB basis.
However, Chinese mills are offering rebates and discounts of USD 10/MT on FoB basis. Moreover, Chinese mills are expecting that demand from overseas buyers will improve by the end of this month and cheap export offers might bring optimistic sentiments in the global market.
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