Following price hike announcement in HRC, CRC Indian major steelmakers are also likely to hike domestic PPGI prices by INR 1,000-1,500/MT in the month of September. Trade sources highlighted that major mills have closed bookings as of now and will open fresh orders after price revision is made.
A major steel manufacturer of PPGI commented that,”Imports of PPGI to India have become expensive amid devaluation of Rupee against USD. Meanwhile arrival of festive season in coming month may lead to improved bookings and firm demand for PPGI”.
JSW Steel’s last traded price PPGI (0.5mm, 90 GSM) prices is at around INR 68,500/MT (ex-Mumbai, GST extra). Meanwhile few major manufacturers trade prices for PPGI (0.5mm, 90 GSM) is at INR 63,000/MT (ex-Mumbai, GST extra).
However in Delhi, major manufacturers are offering PPGI prices around INR 63,500-64,000/MT (ex-Delhi, GST extra).
Thus traders and manufacturers are expecting optimistic demand amid improved bookings for PPGI in coming month. Also Rupee depreciation has made PPGI imports costlier giving enough scope to Indian steel mills to raise offer.
Galvanized Plain Coil prices remain firm – Galvanized plain coil prices remain unchanged this week.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 54,000-57,500/MT (ex-Mumbai); INR 56,000-59,000/MT (ex-Hyderabad); INR 53,000-54,000/MT (ex-Delhi) and INR 55,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
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