This week Indian HRC trades have picked up against last few weeks. Stockists and traders highlighted gradual recovery in demand after several weeks of limited trades. However prices in trade segment observed marginal correction of around INR 250-300/MT in the few markets and declined by INR 1000/MT on weekly basis in eastern regions.
On the other hand market participants based in Mumbai shared that “Trades have picked up by around 50% and are gradually picking up in the domestic market post announcement of unlock 1.0 in by Indian government. Also if demand continued to remain supportive prices may improve in the upcoming month”.
Similar comments were received in northern India markets like Faridabad.
SteelMint’s current assessment for HRC (IS 2062, 2.5 – 8mm) for trade segment stands at INR 35,500-36,500/MT (ex- Mumbai), INR 36,000-37,000/MT (ex-Delhi), and INR 37,500- 38,000/MT (ex- Chennai).
Currently CRC (0.9 mm IS513 GR) prices are assessed at INR 41,500-42,750/MT (ex- Mumbai), INR 41,500-43,000/MT (ex- Chennai) and INR 40,250- 41500/MT (ex-Delhi). The prices mentioned above are basic, and extra GST @18% is applicable.
However trade sources in the southern region quoted that, “bulk orders continued to remain pending from auto and infrastructures sectors which lead to softening domestic HRC prices”.
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