Market sources shared with SteelMint that state owned steel mills – Steel Authority of India Ltd (SAIL) has rolled over HRC & CRC prices for Jan’19 deliveries.
Manufacturers’ HRC (IS 2062, 2.5-8 mm) price is around INR 44,000-44,500/MT (ex-Mumbai), CRC (0.9 mm, IS513) is around INR 49,500/MT (Ex-Mumbai).
However mills are also offering considerable discounts and rebates over announced list prices to push buying.
Previously in the month of Dec’18 Indian steel manufacturers had reduced HRC & CRC prices by INR 1500/MT over cost effective imports and softening demand in domestic market.
Another major steelmaker JSPL has announced roll over in HRC prices for Jan deliveries. However price announcement from JSW Steel, Essar Steel and Tata Steel was not confirmed till the time of publishing the report.
Domestic prices in traders market continue to remain low:This week prices in the traders market continue to remain firm.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 42,000-42,500/MT (ex-Mumbai) and INR 42,300-42,400/MT (ex-Delhi) and INR 44,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 48,500/MT(ex-Mumbai) and INR 47,000MT (ex-Delhi) and INR 48,500-49,000/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
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