Major Indian steelmakers have rolled over the flat steel prices for Nov’17 bookings owing to weak buying activities and sluggish demand prevailing in the domestic market.
Indian flat steel manufacturers have kept flat steel prices stable post Diwali holidays and are continuing with the same prices for Nov’17. Manufacturers are seen offering HRC (IS2062) 2.5 mm-8 mm at INR 39,500-40,000/MT (ex-Mumbai) and INR 44,000-44,500/MT for CRC (IS513) 0.9mm.
Market participants mentioned that stockiest are not able to dispose off the quantities available and weak demand results to unaltered flat steel prices in the domestic market. Looking at weak demand, major steel mills have kept prices on similar levels.
However prices in traders market continue to remain lower than that of manufacturers. Currently, trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,500-38,700/MT (ex-Delhi) and INR 39,500/MT (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 43,000-44,500/MT (ex-Delhi) and INR 44,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Domestic plate prices remain unchanged for Nov’17– Indian plate prices also continued to remain steady owing to slow movement of material in the domestic market.
Currently reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 38,500/ MT (ex-Delhi) and INR 37,500-38,000/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
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