In contrast to other flat products, India GP prices remained stable this week amid improved demand in domestic market.However,improved demand,rising exports and stable prices collectively pushing demand of GP in Indian flat steel market.
Prices of 0.80 mm GP across other major markets are hovering in the range as follows: Hyderabad – INR 55,000/MT; Mumbai – INR 56,000-57,000/MT; Delhi – INR 55,000-56,000/MT and INR 55,500/MT in Chennai. Prices are inclusive of Excise Duty of 12.5%.
Indian GP/GC Exports Boost by 21% Y-o-Y In FY17
GP exports witnessed the drastic surge in exports by 21% to 1.7 MnT in FY17 compared to 1.4 MnT in FY16. Rise in global demand of GP and imposed anti-dumping on Chinese GP gave a good opportunity to Indian exporters. This resulted in increase in volumes of GP in exports market. This has also supported domestic GP prices in India.
Major markets for Indian GP exports were Belguim at 0.25 MnT followed by UAE at 0.19 MnT, Spain at 0.14 MnT and Ethopia at 0.11 MnT.
China’s HDG Prices Decline by USD 5/MT Over Subdued Demand
Chinese manufacturers have declined HDG prices by USD 5/MT over bearish sentiments coupled with lesser buying inquiries in the global market.However the prices came under pressure owing to dull and weak demand prevailing in the China’s domestic market.
China’s 1mm HDG export offers are hovering in the range of USD 520-525/MT, FoB China. Last week the same was heard in the range of USD 520-530/MT on FoB basis.
Although thin buying interest continued to remain among the buyers.Moreover South America are bidding around USD 510/MT,on FoB basis which is difficult for Chinese mills to agree upon as the export offers have already gone to their lowest levels.
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